All yes or no questions.

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

2.Attending college full-time is a good example of an investment in human capital.

3.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.

4.According to the textbook, automation is a major source of long run unemployment in an economy.

5.In a speech during the 1960s, President Johnson declared "War on Poverty" in the United States.

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

7.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.

8.Since 1960, medical-care prices have fallen, on average, more than twice as rapidly as consumer prices in general.

9.If all workers had identical levels of education in the economy, then all workers would likely have equal earnings.

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

11.Other things constant, the more dangerous a job, the higher the wage rate will be.This is known as a compensating wage differential.

12.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.

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

14.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.

15.Physical capital and human capital can be substituted for each other.

16.During the past 30 years, Health-care expenditures in the United States have been rising.

17.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.

18.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.

19.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 inelastic.