First welfare theorem - Study guides, Class notes & Summaries

Assume that labor is the only factor of production and that wages in the United States equal $20 per hour while wages in Japan are $10 per hour. Production costs would be lower in the United States as compared to Japan if A. U.S. labor productivity equaled 40 units per hour and Japan's 15 units per hour. B. U.S. productivity equaled 30 units per hour whereas Japan's was 20. C. U.S. labor productivity equaled 20 and Japan's 30. D. U.S. labor productivity equaled 15 and Japan's 25 units...

Rational Choice Choose between actions A, B, C by highest expected utility Rational Expectations Estimates of value of a random variable are normally distributed around the true value, most people make pretty good social science predictions most of the time Ex. Retaliating against terrorism Bounded Rationality Rational choice when decision making costs are high which leads to picking the minimally satisfactory outcome Ex. Buying a car: you aren't going to look at every si...

ECON304 Final Exam with Complete Solution 2024 The labor supply curve graphs labor supply on the x axis against the real wage on the y-axis. If the labor supply curve slopes upwards, which effect of a change in the real wage dominates? - - the substitution effect If the real wage increases, the substitution effect this has on leisure is to: - - decrease it if the real wage increases, the income effect this has on leisure is to - - increase it Which of these is not an assumption we make ab...

ABCTE Elementary Education Exam 206 Questions with Verified Answers Magna Carta - CORRECT ANSWER (1215) a charter of liberties (freedoms) that King John "Lackland" of Englad was forced to sign; it made the king obey the same laws as the citizens of his kingdom 13th Ammendment - CORRECT ANSWER officially abolished slavery, prohibits involuntary servitude. Articles of Confederation - CORRECT ANSWER 1st Constitution of the U.S. (weaknesses-no executive, no judicial, no power to tax, n...

Name: Class: Date: Chapter 1 Copyright Macmillan Learning. Powered by Cognero. Page 1 Multiple Choice 1. An early response to the Covid-19 pandemic was the $2.2 trillion CARES Act signed into law that included: a. funding for broadband infrastructure, renter's assistance, and food security for low-income households only. b. a mandate for individuals who could not afford health insurance to purchase it or pay a penalty. c. direct payments to American households, unemployment benefits, an...

CPH EXAM 334 Questions with Verified Answers autonomy - CORRECT ANSWER •Free from external influence over independent decision-making. PH scenarios that defy autonomy: -Mandatory vaccination -Isolation - Separation of an infected person -Quarantine - Detention of healthy persons exposed to contagious disease 4th Amendment - CORRECT ANSWER Protects against unreasonable searches and seizures (not licensed businesses) -can have random inspections in PH, scope is lower Federalism...

CPH Sample Exam 128 Questions with Verified Answers Which one of the following items does not represent the value of biostatistics in the assessment of health problems of the population and determine their extent? (A) Finding patterns in the collected data (B) Summarizing and presenting the information to best describe the target population (C) Deciding what information to gather to help identify the health problems (D) Accounting for possible inaccuracies in responses and measurements ...

CPH Exam 90 Questions with Verified Answers Host, agent and environment - CORRECT ANSWER The epidemiologic triangle (triad) describes the occurrence of disease as an interaction between what three factors? -0.9 An odds ratio of -0.9 most strongly indicates a computational error because an odds ratio is calculated using probabilities, which cannot be negative. An odds ratio is the probability that an event will occur divided by the probability that it will not occur. Since probabilitie...

CPH Exam Practice 93 Questions with Verified Answers The lengths of stay for six patients were 0, 0, 1, 2, 2, and 16 days. Which is (are) the best measure(s) to summarize these data? A) Mean B) Median C) Median and SD D) Mean and SD E) Median and Range - CORRECT ANSWER E) Median and Range An epidemiologist attempts to predict the weight of an elderly person from demispan. She randomly chooses 70 elderly subjects in a particular geographic area and records their weight and demispan...

Academic Medical Centers Hospitals and other types of providers that are affiliated with a medical school and play active roles in training new health care providers, especially physicians, and in clinical research in collaboration with a medical school. Access An individual's ability to obtain medical services on a timely and financially acceptable basis. Factors determining ease of access also include availability of health care facilities, transportation to them, and reasonable hour...