"If there is an inefficient level of nursing care in South America, a deadweight loss exists." Is this statement true or false?
What will be an ideal response?
The statement is true. Anytime there is an inefficient level of production, a deadweight loss exists.
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In the endogenous growth model, an increase in a worker's level of human capital
A) increases the amount of additional human capital she can produce, but does not increase the amount of output she can produce. B) increases the amount of additional output she can produce, but does not increase the amount of human capital she can produce. C) increases both the amount of additional human capital she can produce and the amount of output she can produce. D) increases neither the amount of additional human capital she can produce nor the amount of output she can produce.
A leftward shift of a supply curve represents a decrease in supply
a. True b. False
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.
Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 10 to 11 units?
A. 10 B. 5 C. 60 D. 50