Jane is a student at a university. She pays $10,000 per year in tuition, $4,000 per year in living expenses, and $800 per year for books. Were she not in school, she could earn $20,000 per year working as a bookkeeper and she would not live with her parents. What is her economic cost of a year in college?
A. $10,000
B. $13,000
C. $30,800
D. $34,800
Answer: C
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A negative cost-benefit ratio means that a program should not be undertaken
a. True b. False
A linear demand for lake front cabins on a nearby lake is estimated to be: QD = 900,000 - 2P. What is the point price elasticity for lake front cabins at a price of P = $300,000? [HINT: Ep = (?Q/?P)(P/Q)]
a. EP = -3.0 b. EP = -2.0 c. EP = -1.0 d. EP = -0.5 e. EP = 0
Approximately what percentage of the U.S. labor force works for U.S. governments at the federal, state, and local levels (as of 2011)?
A. 8. B. 13. C. 16. D. 22.
A major criticism of industrial regulation is that:
A. it has been applied to virtually all major U.S. corporations in the post-Second World War period. B. marginal cost pricing has created an underallocation of resources. C. by allowing a fair return price, it gives natural monopolists little incentive to contain costs. D. regulatory commissions have frequently caused natural monopolies to go bankrupt.