________ does not address the questions related to optimal resource allocation.
a. Comparative-effectiveness analysis
b. Economic efficiency
c. Cost-benefit analysis
d. Cost-effectiveness analysis
a. Comparative-effectiveness analysis
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Which of the following statements is true of Malthus's theory?
A) Malthus suggested that fertility level of the population will remain constant over time. B) Malthus suggested that the life expectancy of the population will remain constant over time. C) Malthus suggested that in the long run, income levels will grow exponentially. D) Malthus suggested that in the long run, income levels will stay at subsistence.
In a two-good, two country world, if one country has a comparative advantage in the production of one good, it can benefit by trading with the other country
Indicate whether the statement is true or false
Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If the last worker hired produces four units of output per hour, then to maximize profits the firm should
A) hire another worker. B) not change the number of workers it currently hires. C) lay off some workers. D) There is not enough information to answer the question.
When a union is present in a labor market, wages are not determined by the equilibrium of supply and demand
a. True b. False Indicate whether the statement is true or false