Which of the following is associated with the creation of human capital?
a. a farmer buys more land
b. a robot replaces a worker
c. a worker replaces a robot
d. a worker spends less time on the job
e. a worker attends training classes
E
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Relative price changes indicate
A) all prices move together. B) all exchange rates move together. C) some prices increase faster than others. D) exchange rates appreciate faster than prices change.
If a monopolist's profits were taxed away and redistributed to its consumers,
A) inefficiency would remain because output would be lower than under competitive conditions. B) inefficiency would remain, but not because output would be lower than under competitive conditions. C) efficiency would be obtained because output would be increased to the competitive level. D) efficiency would be obtained because output would be increased and profits removed.
In most state-run lotteries,
a. the winner receives a single lump-sum payment b. the present value of the winnings is less than the number of dollars won c. the present value of the winnings exceeds the number of dollars won d. winners are paid the present value of the total amount won e. winners are paid only in the distant future
Technological change ________ sustained increases in standards of living.
A. is necessary for B. is helpful, but not necessary, for C. is an obstacle to D. always leads directly