In a second-best world, private actions will lead to the best possible outcomes for the society.
Answer the following statement true (T) or false (F)
False
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Barbers give a price discount to kids. According to price discrimination, if barbers use price discrimination, this implies demand for hair cuts by kids is more elastic
a. True b. False
Administrative costs make small loans less profitable than large ones, other things equal
a. True b. False
If the growth rate of resources is 2 percent and per capita real output is growing at 4 percent, then total factor productivity has fallen by 4 percent
a. True b. False Indicate whether the statement is true or false
Which of the following is true of capital deepening?
a. It refers to an increase in the level of capital per worker in a society. b. It refers to an increase in the stock of capital in a society c. It occurs when there is a decrease in the cost of capital in a society. d. It occurs when society displaces human capital with physical capital.