What is cost-benefit analysis? What are the steps involved in using cost-benefit analysis to make the optimal choice?
What will be an ideal response?
Cost-benefit analysis is a calculation that adds up the costs and benefits of a particular choice using a common unit of measurement. It involves the conversion of all costs and benefits into a common unit of measurement so that they can be compared. The difference between the benefits and costs of choosing an alternative is referred to as the net benefit of the alternative. The alternative with the highest net benefit is the optimal choice.
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What are two main obstacles to increased international integration?
What will be an ideal response?
Under the British Navigation Acts, enumerated goods were a list of colonial _______
a. exports showing how dependent the British were on the colonies. b. imports showing how dependent the colonies were on Britain. c. exports that had to be shipped through British middlemen. d. exports that were reserved for the crown.
An unintended consequence of rent control has been
a. apartment owners failing to properly maintain their buildings b. a surplus of housing causing rents to fall below maintenance cost c. that rents have been consistently held above the equilibrium price d. a shortage of tenants e. a decrease in the homeless population
Frictional unemployment is unemployment reflecting a mismatch of skills and jobs.
Answer the following statement true (T) or false (F)