The above figure shows a graph of a market for pizzas in a large town. At a price of $10, the market A) is not in equilibrium. B) has excess supply. C) does not have excess demand. D) All of the above. ANSWER D
Date: September 9th, 2020
One reason why African elephants are endangered is _____. a. the low cost of hunting exhibitions b. exploitation by zoo owners c. many natural predators d. governments often prohibit private ownership ANSWER d
Date: September 9th, 2020
In the abstract, an omniscient government would have little power to move inefficient markets toward efficiency. a. True b. False ANSWER b
Date: September 9th, 2020
The Coase Theorem states that _____. a. in the absence of transactions costs, the allocation of resource will be independent of property right assignment b. in the absence of transactions costs, the allocation of resources will be dependent on property right assignment c. with transactions costs, the allocation of resources will be independent of property […]
Date: September 9th, 2020
The general public has strong incentives to be informed about regulations that impact them. a. True b. False ANSWER b
Date: September 9th, 2020
The Coase Theorem implies that when there are no costs to trading, _____. a. resources will move to their most valued uses, depending upon who gets the initial property rights b. resources will move to their most valued uses, regardless of who gets the initial property rights c. resources might be misallocated, depending upon the […]
Date: September 9th, 2020
The government protects rights in a market economy by providing national defense, a court system, and a well-functioning political system. a. True b. False ANSWER b
Date: September 9th, 2020
When government action is justified based on the argument that everyone agrees to be coerced _____. a. we cannot be sure that everyone is in favor of the action b. the same justification is true of market exchange c. we can be sure that the current state of affair is Pareto efficient d. the private […]
Date: September 9th, 2020
The protection of rights is an all-or-nothing proposition. a. True b. False ANSWER b
Date: September 9th, 2020
A property right _____. a. gives the owner the right to do whatever she pleases with the property b. applies to homes and cars, but not to other types of property c. does not free an individual from related obligations d. is limited by a person’s ability to protect it from predators ANSWER c […]
Date: September 9th, 2020
