All of the following are examples of human capital except:
A. a computer which has top-of-the-line word processing software.
B. the ability to coordinate labor effectively.
C. knowledge of word processing programs.
D. the ability to write clearly.
Answer: A
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When housing prices began to decline after their peak in 2006, many subprime borrowers found that their mortgages were "underwater." This meant that
A) the value of the house fell below the amount of the mortgage. B) the basement flooded since they could not afford to fix the leaky plumbing. C) the roof leaked during a rainstorm. D) the amount that they owed on their mortgage was less than the value of their house.
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The loss in consumer surplus due to the tax is:
A. $3.56 million. B. $1.89 million. C. $7.11 million. D. $944,444.
Which of the following is the most likely explanation for the imposition of a price ceiling on the market for milk?
a. Policymakers have studied the effects of the price ceiling carefully, and they recognize that the price ceiling is advantageous for society as a whole. b. Buyers of milk, recognizing that the price ceiling is good for them, have pressured policymakers into imposing the price ceiling. c. Sellers of milk, recognizing that the price ceiling is good for them, have pressured policymakers into imposing the price ceiling. d. Buyers and sellers of milk have agreed that the price ceiling is good for both of them and have therefore pressured policymakers into imposing the price ceiling.
According to the classical dichotomy, when the money supply doubles which of the following doubles?
a. the price level and nominal GDP b. the price level and real GDP c. only real GDP d. only the price level