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答案和详解如下：

Q1. In the following graph, what does the vertical axis represent?

A)   The point in time when the individual is born and their potential human capital is the greatest while their financial capital is the smallest.

B)   The point in time when the individual finishes their educational training and starts working.

C)   The combined amount of human and financial capital called total wealth.

Correct answer is B)

The vertical axis denotes the point in time when the investor finishes preparing for their career by completing their education or training and starts generating income. It also shows the amounts of human and financial capital separately.

Q2. Which of the following is considered human capital?

A)   Investment gains.

B)   Social Security payments.

C)   Inheritance.

Correct answer is B)

Human capital is a measure of the individual’s lifetime earning capacity. It is the present value of the individual’s expected income from salary, wages, and bonuses, as well as employment-related retirement pension income. Since social security is derived directly from the investor’s labor it is considered human capital. Both investment gains and inheritance are considered financial capital defined as the total value of financial assets owned.

Q3. A measure of an individual’s lifetime earning capacity is best defined as which of the following?

A)   Human capital.

B)   Financial capital.

C)   Total wealth.

Correct answer is A)

The definition of human capital is a measure of an individual’s lifetime earning capacity. It is the present value of the individual’s expected income from salary, wages, bonuses, etc, as well as employment-related retirement pension income. Human and financial capital added together are called total wealth.

Q4. Social security and other employment-related pension payments are considered:

A)   financial capital because they are derived from an accumulation of the investor’s past labor.

B)   neither human capital nor financial capital because they are received after retirement.

C)   human capital because they are derived directly from the investor’s labor.

Correct answer is C)

Since social security and other employment-related pension payments are derived directly from the investor’s labor, they are considered human capital. Thus, an individual’s human capital can have a positive value at retirement.

Q5. Which of the following statements regarding the Human Capital equation below is least accurate?

A)   The expectancy of receiving a bonus is incorporated into the numerator.

B)   The amount of human capital is based on an investor’s current annual inflows.

C)   Volatility is included in the denominator.

Correct answer is B)

The Human Capital equation is:

Thus the amount of human capital (HCt) is based on future income expectations and not just current income.