SS7E3abd-Human Capital, Capital Goods, Entrepreneurs Question Preview (ID: 27300)

Human Capital, Capital Goods, Entrepreneurs.

From 2003 to 2007 Nigeria's GDP increased 5%. Which statement below is most consistent with this data?
a) There was an investment in human capital through education and training.
b) Oil companies in the region shut down.
c) Nigeria stopped investing in capital resources like machinery and technology
d) The countries surrounding Nigeria had improved economies

South Africa invested 5.9% into education and Nigeria invested 0.9%. Based on this information, which is the best conclusion.
a) Nigeria has higher GDP than South Africa
b) Nigeria spends too much on education.
c) South Africa has higher GDP than Nigeria
d) South Africa’s education system needs more improvement.

New technology, factories, and machinery are all
a) human capital.
b) natural resources.
c) capital goods.
d) economic systems.

An entrepreneur is
a) a head of state in control of resources.
b) a dictator.
c) a in charge of international trade.
d) a person who takes risks by starting a new business.

The total value of all the goods and services produced by a country each year is known as the country’s
a) gross domestic product.
b) national debt.
c) trade balance.
d) total export earnings.

What is the effect of a country investing in capital goods such as factories, machineries, and technology?
a) It encourages more people to become entrepreneurs.
b) It remove trade barriers.
c) It helps lower the currency exchange rate.
d) It helps the gross domestic product grow.

All of the following are examples of entrepreneurs EXCEPT
a) a new restaurant owner.
b) a concert promoter.
c) a military general.
d) a child with a lemonade stand.

Education, training, and healthcare are all
a) investments in human capital.
b) natural resources.
c) capital goods.
d) entrepreneurs.

A person who is willing to take risks to start a new business is called
a) a manager.
b) an entrepreneur.
c) a banker.
d) an inventor.

Nigeria has large deposits of oil and is currently exporting a significant quantity of oil. However, Nigeria has very few
a) Makes the GDP more dependent on oil production.
b) Makes the GDP more dependent on agriculture.
c) Makes the GDP inaccurate because there is little industry.
d) Makes the GDP inaccurate because there is only one major natural resource in the country.

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