The stage of industrial development during the early part of the 20th century is usually referred to as Fordism. The characteristics of this system include all of the following except
(a) Moving assembly-line production
(b) Mass production of relatively inexpensive consumer goods
(c) The extensive use of skilled labor to produce complex consumer goods
(d) Consumer durable goods purchased on installment credit
(c)
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Refer to Cournot Problem. In the Nash Equilibrium, the deadweight loss will be
a. $300 b. $450 c. $600 d. $900
Which of the following statements is true?
a. Emissions-trading is trading that allows firms to buy and sell the right to pollute. b. The Coase Theorem is the proposition that private markets can rarely ever achieve social efficiency. c. The free-rider problem refers to those who ride on public transit systems without paying. d. Government failure has never occurred in the United States.
One of the reasons the 2008 Oregon Experiment was so important is because:
a. it provided evidence that individuals with Medicaid had lower mortality risk than those without insurance. b. its experimental design included random selection of the treatment and control groups. c. it showed that individuals with Medicaid would receive more primary and preventive care, reducing overall health care spending relative to the uninsured. d. it provided solid evidence that expanding Medicaid coverage would improve health outcomes. e. it proved unequivocally that having Medicaid coverage resulted in better physical health outcomes than being uninsured.
When Burger Barn hires one worker, 10 customers can be served in an hour. When Burger Barn hires two workers, 25 customers can be served in an hour. The marginal product of the second worker is ________ customers served per hour.
A. 15 B. 30 C. 40 D. 67.5