All true or false questions.

I don't need explain.

1) When transfer programs have high implicit marginal tax rates, they increase the incentive of those in poor families to work and earn income.

2) When a resource price is above equilibrium in the Labor Market, "excess supply" will be the result in the short run.

3) If steel workers obtain a substantial wage increase in their new labor contract, employment in the steel industry will likely fall by a lot if the demand for steel in the Product Market is relatively price inelastic.

4) Economic theory suggests that controlling health care costs through rules and regulations imposed by government is generally less effective than using competition and the choices of consumers spending their own money in the Product Market.

5) Even if all workers had identical levels of education in the economy, all workers would not likely have equal earnings.

6) If the demand for loans decreases, the interest rate increases, which discourages lenders from making loans.

7) The Present Value (PV) of a payment to be received one year from now will rise if the interest rate falls.

8) Because of the law of diminishing marginal returns, a worker's marginal revenue product always increases in the short run, as more and more workers are hired within a factory.

9) The "Samaritan's Dilemma" refers to the positive effect that transfer programs have had on the incentive to avoid choices which lead to poverty.

10) Working conditions and other non-wage job characteristics are defined as non-pecuniary job characteristics.

11) Since 1960, medical-care prices have risen, on average, more than twice as rapidly as consumer prices in general.

12) Data on income inequality indicate that there has been substantial movement among income groupings (quintiles) in the United States over time.

13) Higher risk of default usually decreases the interest rate agreed to by lenders in the Loanable Funds Market.

14) In the United States, there is a strong positive relationship between the earnings of workers and their attained educational level.

15) By itself, dropping out of college is a good example of an investment in human capital.

16) A competitive price searcher has less market power than a monopolist, because it competes with a larger number of rival sellers in the Product Market.

17) Theoretically, price regulation could improve efficiency and resource allocation by forcing a monopolist to charge a market price that is less than his or her average cost of production.

18) The level of output produced by a monopolist will typically exceed the level of output that would be produced if the industry was instead comprised of many competitive firms.

19) Physical capital and human capital cannot be substituted for each other.

20) A competitive price searcher has more market power than a monopolist, because it competes with a larger number of rival sellers in the Product Market.

21) Theoretically, price regulation could improve efficiency and resource allocation by forcing a monopolist to charge a market price that is equal to his or her average cost of production.

22) Approximately four-fifths of national income in the United States represents a return to physical capital while the other one-fifth represents returns to human capital.

23) Since an unregulated is assured an economic profit, there is no incentive for such a firm to produce more efficiently.

24) When deciding whether or not a household is officially below the poverty threshold, the value of all transfer and welfare benefits received are counted as part of a household's income.

25) The quantity demanded for a particular resource will be positively related to its price, because producers will substitute away from other factors of production if the price of the resource increases.

26) Fringe benefits are the part of a worker's compensation package that includes items like medical insurance, paid vacation days, and retirement contributions.

27) Historically, regulatory agencies have been used as vehicles to maintain high prices and limit competition in the Product Market.

28) Practically speaking, the advantages of government regulation of monopolies are greatly limited, because of imperfect information about cost and demand conditions

29) When deciding whether or not a household is officially below the poverty threshold, the value of all transfer and welfare benefits received are not counted as part of a household's income.

30) Historically, regulatory agencies have not ever been used as vehicles to maintain high prices in the Product Market.

31) The level of output produced by a monopolist will typically be less than the level of output that would be produced if the industry was instead comprised of many competitive firms. The level of output