The direct costs in an economic evaluation include the all the following except:
a. reduced productivity at work.
b. the cost of home remodeling to accommodate a physical handicap.
c. hospitalization.
d. medical devices.
e. transportation to and from the physician's office.
a. reduced productivity at work.
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Government can overcome the free rider problem by taxing individuals and then using the tax proceeds to provide the nonexcludable public good itself.
Answer the following statement true (T) or false (F)
What is Bill's economic profit at the profit-maximizing output level?
a. $115 b. $225 c. $25 d. $75
All else being equal, if the prospect of a recession leads the Federal Reserve to ease monetary policy, the equilibrium value of the exchange rate for the U.S. dollar will:
A. either rise or fall depending on whether the supply or demand for dollars changes more. B. fall. C. remain fixed. D. rise.
Related to the Economics in Practice on page 197. Which of the following represents a situation in which a school is experiencing economies of scale?
A. Student enrollment increases by 30 percent and average total cost increases by 50 percent. B. Student enrollment increases by 50 percent and average total cost increases by 20 percent. C. Student enrollment increases by 30 percent and average total cost does not change. D. Student enrollment increases by 25 percent and average total cost decreases by 10 percent.