Suppose That a Small County Is Considering Adding a Guard

question 79

Multiple Choice

Suppose that a small county is considering adding a guard rail to a dangerous curve by a river. The guard rail will cost $70,000. The average damage done to vehicles that slide off the road at the curve is $10,000. It is expected that the guard rail will prevent 5 vehicles from sliding off the road during its usable life. What should the county do?

• A)Install the guard rail because safety is priceless.
• B)Install the guard rail because the benefits exceed the costs.
• C)Do not install the guard rail because the costs exceed the benefits.
• D)Do not install the guard rail at any cost because drivers can purchase private insurance for their vehicles.

Distinguish between complete, substantial, and partial performance within contractual obligations.

Identify the legal implications and outcomes of conditional and unconditional contracts.

Recognize the processes and effects of tender and performance in contract law.

Understand the role and impact of breaches in contracts, including material and immaterial breaches.

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Definitions:

Ordinal

Pertaining to a type of data or scale that expresses order or ranking among categories without implying precise measurements.

Friedman Test

A non-parametric statistical test for comparing more than two related groups, assessing differences across multiple test attempts.

Rejection Region

In statistical hypothesis testing, it is the range of values for which the null hypothesis is considered improbable enough to be rejected.

Significance Level

The threshold below which a null hypothesis is rejected in a statistical test, often denoted by alpha (α) and commonly set at 0.05 or 5%.