Which of the following is the best example of an investment in human capital?
A. on-the-job training received by an apprentice electrician
B. an increase in the number of hours worked per week by a worker in an unskilled laboring job
C. the purchase of company stock by a worker
D. payments into a retirement pension plan by a skilled laborer
Answer: A
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If the economy has an MPC of 0.8, by how much will a $50 billion increase in government purchases increase GDP? By how much will a $50 billion increase in taxes decrease GDP?
What will be an ideal response?
For the monopolistically competitive firm, the steepness of the demand curve depends on:
A. the steepness of the MC curve. B. the number of consumers in the market. C. the availability of close substitutes. D. None of these statements is correct.
Using tradable allowances instead of quotas may be a better solution to the provision of common resources because they:
A. allocate the good in a less efficient way, and quotas do not. B. ensure that the resource is allocated to those with the highest willingness to pay, while quotas do not. C. assign private property rights-and an incentive, as owners, which means common resource now get overused, and quotas do not. D. allow the government to set a specific amount of the good to be consumed, while quotas do not.
Which of the following statements is equivalent to an appreciation of the dollar relative to the euro?
a. The dollar buys fewer euros now. b. The euro buys fewer dollars now. c. The dollar costs less. d. The euro buys more dollars now