All yes or no questions.

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1.As the price of a resource decreases, producers will be more willing to hire that input in the Resource Market.

2.The inflation premium is the component of a money interest rate that reflects compensation to the lender for an expected increase in the general price level.

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

4.If an advance in computer technology reduces the need for businesses to hire accountants, students majoring in accounting should expect a greater rate of return on their human capital investment.

5.Other things constant, if the demand for a final product is relatively price inelastic, the demands for the resources used to produce the product will tend to be relatively price elastic.

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

7.The supply of a particular resource will generally be more price elastic in the short run.

8.Properly functioning capital markets are essential to economic prosperity because they make it relatively easy for individual entrepreneurs to try out a new innovative idea, but also make it difficult for them to remain in business if the idea is a bad one.

9.Because the U.S. has a progressive income tax system, the distribution of income among households after taking into account the effects of taxes and transfer payments is more equal than the distribution of before-tax income.

10.An oligopoly is an industry dominated by a large number of rival sellers.

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

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