Human capital is a. the same thing as technological knowledge. b. the same thing as labor. c. the tools and equipment operated by humans. d. knowledge and skills that workers have acquired. an understanding of the best ways to produce goods and services is called a. human capital. b. physical capital. c. technology. d. productivity. financial intermediaries are a. the same as financial markets. b. individuals who make profits by buying a stock low and selling it high. c. a more general name for financial assets such as stocks, bonds, and checking accounts. d. financial institutions through which savers can indirectly provide funds to borrowers. in a closed economy, what does (y - t - c) represent? a. national saving b. government tax revenue c. public saving d. private saving if in a closed economy y = $11 trillion, which of the following combinations would be consistent with national save of $3 trillion? a. c = $8 trillion, g = $3 trillion b. c = $13 trillion, g = -$1 trillion c. c = $9 trillion, g = $5 trillion d. c = $7 trillion, g = $1 trillion suppose you put $500 into a bank account today. interest is paid annually and the annual interest rate is 8 percent future value of the $500 after 2 years is a. $428.67. b. $470.00. c. $580.00. d. $583.20.

1) d. knowledge and skills that workers have acquired.

2) c. technology.

3) d. financial institutions through which savers can indirectly provide funds to borrowers.

4) d. Private saving

5) d. C = $7 trillion, G = $1 trillion

6) d. $583.20

Explanation:

Requirement A

Human capital consists of skills and knowledge from various contexts. Human capital is a significant thing for an organization or a country. It cannot be the same thing as technological knowledge because people might think more than that of technology. Human capital may be labor, but human capitals have extensive experience. Any labor can operate the equipment if appropriately trained. However, human capital can handle the equipment from a different viewpoint.

Requirement B

Human capital can have the highest productivity as they have appropriate skills, knowledge, and experience. However, when the question is about producing goods and services in the best possible way, technology should be the best option. If there is technology, high productivity is a must. Physical capitals are labor and capital. There is no linkage to this with technology.

Requirement C

Generally, a depositor or money saver cannot give or borrow money to the people from a bank account directly. However, financial intermediaries are giving that opportunity to the savers. They are assisting the savers in providing funds to the borrowers. It suggests that financial intermediaries cannot be the same as financial markets. There is nothing like selling and buying stocks at a higher price.

Requirement D

In a closed economy, we know that, national saving = Income (Y) - Consumption (households) (C) - Government spending (G).

Public savings = Tax revenue (T) - Government spending/purchase (G)

Government tax revenue's formula cannot be Y - T - C.

Therefore, private savings = Income (Y) - Tax (Income, I) - Consumption (Personal) (C)

For more info: http://faculty.las.illinois.edu/parente/Econ103/Chapter%2013%20Problems.pdf

Requirement E

From Requirement D, we have got that national saving under closed economy = Income (Y) - Consumption (households) (C) - Government spending (G).

Given,

Income (Y) = $11 trillion

Consumption (households) (C) = $

Government spending (G) = $

National savings = $3 trillion.

Now, $3 trillion = $11 trillion - C - G.

Now, we put one by one to check which one is correct.

Option A: If C = $8, G = $3, Y = $11; National saving = Y - C - G = $(11 - 8 - 3) = $0

Option B: If C = $13, G = -$1, Y = $11; National saving = Y - C - G = $(11 - 13 + 1) = -$1

Option C: If C = $9, G = $5, Y = $11; National saving = Y - C - G = $(11 - 9 - 5) = -$3

Option D: If C = $7, G = $1, Y = $11; National saving = Y - C - G = $(11 - 7 - 1) = $3 trillion.

Requirement F

We know,

Future value of money, FV = Present Value (PV) × (1 + i)

Given,

Present value = $500

Interest rate, yearly = 8% = 0.08

Number of years = 2 years

Now, we put the value in the above formula to find out the future value.

Future value of money, FV = $5,000 × (1 + 0.08)^2

Hence, FV = $583.20.

Therefore, option d is correct.

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