Which of the following is an example of the development of human capital?
A. Fostering trust among firms that allows short-term credit
B. Designing robots used to manufacture cars
C. Conducting on-the-job training
D. Contributing to well-developed financial markets
Answer: C
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Goldie is indifferent between option A, which gives her $9,000 for sure, and option B, which gives her $3,000 with probability 1/3 or $18,000 with probability 2/3. Goldie's cost of risk for option B is
A) zero. B) $1,000. C) $3,000. D) $4,000.
If society were to maximize the utility of its best-off member, the final allocation would be
A) perfect equity. B) on the contract curve. C) Pareto-efficient. D) one in which one person gets everything.
If an employer begins to pay higher wages to white workers, then in the short run
a. wages for white workers would fall b. wages for nonwhite workers would rise c. profits would rise as nonwhite workers leave the firm d. output will increase and prices will fall e. profits would fall as nonwhite workers leave the firm
Which of the following functions of money would be violated if inflation were high?
a. unit of account b. store of value c. certificate of gold d. medium of exchange