If (PVB/PVC)for a given policy option equals 5.5, this means that
a. the policy option is not feasible
b. for every dollar of incremental costs incurred by society, there are $5.50 in realized incremental benefits
c. the policy option is feasible
d. both (b) and (c) are correct
d. both (b) and (c) are correct
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Refer to Common Property I. Suppose the common property becomes privately owned. The owner behaves competitively and charges people an entrance fee for the right to use the property. The fee will be
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. P1.
b. P2.
c. P2 - P1.
d. zero.
Which of the following is a cost borne by an employee?
a. The cost incurred in looking for alternative job opportunities b. A fall in overall productivity as a result of hiring the wrong person c. The cost of training in the new firm d. The cost of extra work done by existing employees due to an unfilled position
Which of the following is asserted by the Equal Pay Act of 1963?
a. Men and women who perform the same amount and type of work at a company must receive the same pay. b. Men and women who have the same education and skills must receive the same pay from an employer. c. Men and women who have the same amount of job experience must receive the same pay and promotion opportunities. d. Men and women who perform similar tasks at different companies must receive the same pay.
Sam has two jobs, one for the winter and one for the summer. In the winter, he works as a lift attendant at a ski resort where he earns $13 per hour. During the summer, he drives a tour bus around the ski resort, earning $11 per hour. If Sam takes fewer hours of leisure in the winter than in the summer, we can assume that his labor supply curve for the range of earnings in this example
a. is horizontal. b. is vertical. c. is upward sloping. d. has a backward-sloping portion.