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Physical capital is distinguished from human capital because:
A) physical capital refers to trained people.B) physical capital refers to equipment and machinery, whereas human capital refers to trained people.C) human capital refers only to day laborers.D) physical capital refers to trained people, whereas human capital refers to equipment and machinery.
The term scarcity in economics refers to the fact that:
a. Economic wants are limited and resources are abused.
b. Even in the riches country some people go hungry.
c. No country can produce enough products to satisfy everybody's economic wants.
d. It is impossible to produce too much of any particular good or service in a market economy.