Total surplus:
A. is always zero in an efficient market.
B. can never be negative.
C. is greater than the sum of consumer and producer surplus.
D. can be negative when the market is not in equilibrium.
Answer: B
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For the following countries, specify whether hospitals are privately owned or owned by government, and whether doctors are privately employed or employed by government:
a. Canada b. Japan c. the United Kingdom d. the United States
A factory urgently needs to hire some workers. The factory owner is willing to pay a wage of $15 per hour to responsible workers and is unwilling to hire workers who require constant monitoring
On average, he expects 5 out of 10 workers who have come for an interview to be sincere. How much should he offer to pay the workers he hires? A) $15 per hour B) $7.50 per hour C) $10 per hour D) $8 per hour
Like the monopolist, the monopolistically competitive firm:
A. faces a downward sloping demand curve. B. is a price taker. C. sets the price where marginal cost equals marginal revenue; the demand curve doesn't matter. D. All of these statements are true.
Which of the following would be considered human capital?
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