Which of the following statements is true?
A) A worker who undertakes general training is likely to earn above his value of marginal product.
B) Firm-specific training results in gains to a worker and not to an employer in the labor market.
C) Job-specific training results in gains to a worker's employer, but it does not result in gains to the worker in the labor market.
D) Training received by a worker does not affect his wages as wage rates are determined by the forces of demand and supply in the labor market.
C
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You are trying to decide if you should take a vacation. Your cost-benefit analysis indicates that the benefits outweigh the costs. You should
A) take a vacation. B) not take a vacation. C) take a vacation only if you have enough cash saved up to pay for it up front. D) More information is needed to make this decision.
The money demand function implies that money demand is
A) positively related to interest rates. B) negatively related to bond prices. C) negatively related to interest rates. D) negatively related to transactions in the economy.