According to the text, there are three ways the government can help increase the accumulation of knowledge capital. What are they?
A) encouraging the use of trade secrets, expanding student loan programs, and increasing the minimum wage
B) reducing taxes on capital, increasing Social Security payments, and lowering the exchange rate
C) increasing taxes on firms, eliminating patents, and increasing the minimum wage
D) protecting intellectual property rights, subsidizing research and development, and subsidizing education
D
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Which of the following is not an example of an adverse selection problem?
a. A homeowner purchases a refrigerator that the seller knows has a history of leaking. b. A highly productive worker quits her job after a salary cut knowing that she can make more at a different job. c. A major league baseball player performs poorly in his second season after signing a multi-million dollar contract. d. A contractor uses low quality materials for construction but charges for higher quality materials.
From uncovered interest parity, we know that when the domestic currency is expected to depreciate, the domestic interest rate should be:
a. greater than the foreign interest rate. b. greater than the foreign exchange rate. c. less than the foreign interest rate. d. less than the foreign exchange rate.
If the minimum points of all the possible short-run average total cost curves become successively lower as quantity of output increases, then:
A. the firm should try to produce less output. B. total variable costs are constant along the LRAC curve. C. there are economies of scale. D. when output is doubled, total costs are doubled.
Which of the following is incorrect?
A. Money is a means of payment but is not part of wealth. B. Money is wealth but not all wealth is money. C. An asset doesn't have to be a means of payment to be a part of a person's wealth. D. All items considered wealth can eventually be converted to a means of payment.