If we can conclude that human life has a finite value, cost-benefit analysis can lead to solutions in which human life is worth less than the cost of a potential project
a. True
b. False
Indicate whether the statement is true or false
True
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How does the social problem of positive externalities differ from the problem created by negative externalities?
A) Positive externalities can create free-rider problems; negative externalities do not. B) Positive externalities are created by altruistic people; negative externalities are not. C) Negative externalities can create free-rider problems; positive externalities do not. D) Negative externalities are created by selfish people; positive externalities are not. E) Trick question: neither positive nor negative externalities create a social problem.
What helps to explain the remarkable 7.3% growth rate in South Korea between 1960 and 2011?
A) The education of South Korean women B) A radical reduction in foreign imports and a maximization of South Korean exports C) Huge foreign aid from the World Bank D) All of the above. E) None of the above.
What is the value of marginal product of labor? What is the formula that can be used to calculate it? How does the value of marginal product affect how much labor a firm hires?
What will be an ideal response?
When prices are used as a rationing device, goods that are relatively more scarce than they used to be will have
A. long queues. B. lower excess demands. C. greater demand. D. higher prices.