Relationship Between Human Capital and Standard of Living
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Questions and Answers

Which factor does Gary Becker highlight as the most crucial in creating wealth and growth in a modern economy?

  • Technological advancements
  • Human capital (correct)
  • Natural resources
  • Infrastructure development
  • In the context of the text, which country is mentioned as an example of being rich in natural resources but poor in human capital?

  • United States
  • Germany
  • Japan
  • Nigeria (correct)
  • What did Gary Becker suggest the economy should be called based on his view on human capital?

  • Industrial Capitalist Economy
  • Technological Capitalist Economy
  • Human Capitalist Economy (correct)
  • Natural Resource Capitalist Economy
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