Which of the following is an example of an investment in human capital?
a. a law student who works as a waiter in the summer
b. on-the-job training received by an apprentice welder
c. payments into a retirement pension plan by a skilled laborer
d. all of the above are correct.
B
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When the United States has a deficit on its current account, this means that
A. the dollar value of goods exported must exceed the dollar value of goods imported. B. in this year, Americans supplied more dollars than were demanded by foreigners for purchasing American goods and services and for interest and investment income. C. in this year, Americans supplied fewer dollars than were demanded by foreigners for purchasing American goods and services and for interest and investment income. D. the dollar value of goods imported must exceed the dollar value of goods exported.
At the market clearing price
A) there is neither a shortage nor a surplus. B) quantity supplied equals quantity demanded. C) the supply and demand curves intersect. D) all of the above are correct.
Refer to the diagram. The area that identifies the maximum sum of consumer surplus and producer surplus is:
A. a + b + c + d + e + f.
B. c + d + f.
C. a + b + e.
D. a + b + c + d.
An advantage of a flexible exchange rate system relative to a fixed system is that in a flexible rate system
a. currency speculation will be reduced. b. balance of payments surpluses and deficits can be dealt with using fiscal policy, not monetary policy. c. inflation will be minimized by the "discipline of the balance of payments." d. the price of imported goods will be kept relatively low. e. none of the above.