Waybelow Normal University has found it necessary to institute a crime-control program on its campus to deal with the high costs of theft and vandalism. The university is now considering several alternative levels of crime control. This table shows the expected annual costs and benefits of these alternatives. Total Costs Per YearTotal Benefits Per Year (Reduction in the Costs of Crime)Level One - 1 Security Officer$20,000$80,000Level Two - 1 Security Officer with Guard Dog30,000120,000Level Three - 1 Security Officer with Guard Dog and Patrol Car40,000140,000Level Four - 2 Security Officers with Guard Dog50,000155,000Level Five - 2 Security Officers with Guard Dog and Patrol car60,000160,000Refer to the above information. Based on cost-benefit analysis, Waybelow should undertake:
A. Level Two.
B. Level Three.
C. Level Four.
D. Level Five.
Answer: C
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In recent years, average household income in the United States was highest for households headed by someone aged
A) 35 to 44. B) 45 to 54. C) 55 to 64. D) 65 and over.
Refer to Figure 13-19 to answer the following questions
a. What is the productively efficient output? b. What is the allocatively efficient output? c. What is the amount of excess capacity? d. Suppose the firm is currently producing 14 units. What happens if it increases output to 17 units?
Economic models relate to
A) people's choices. B) how people think about something. C) group opinions. D) the reasons people give for donating to charity.
Jobs in rural areas generally pay lower wages than jobs in urban areas because there are limits to labor mobility
a. True b. False