The Coase theorem applies when property rights are given
A) to the victim of pollution but not to the polluter.
B) to the polluter but not to the victim.
C) to either the polluter or the victim.
D) neither to the polluter nor to the victim.
C
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Labor productivity is calculated as
A) (real GDP ÷ aggregate hours). B) (real GDP ÷ aggregate hours × number of workers). C) (real GDP ÷ number of workers × ratio of capital per worker). D) (real GDP ÷ technology level). E) (real GDP ÷ aggregate hours × number of workers) × 100.
Explain the relationship between real GDP and potential GDP during the two phases of the business cycle
What will be an ideal response?
How does an open market operation change the monetary base?
What will be an ideal response?
Jamal, Lawson, and Kyle have been standing in line for almost an hour waiting to be served at Kirala, a popular new Japanese restaurant. It is possible that some of the people in line won't be served at all before the restaurant closes
Which of the following could explain why the restaurant does not simply raise prices high enough to eliminate the lines? a. In situations where consumption takes place publicly, demand for the product is also influenced by how many other people are buying the product. Consequently, a popular restaurant that increased its prices enough to eliminate lines might find that it had also eliminated its popularity. b. Firms may sometimes not raise their prices for fear that it violates people's sense of fairness and might alienate customers. c. The demand for restaurant meals is relatively elastic and if the firm raises prices it will lower its profits. A) a only B) a and b only C) a and c only D) a, b, and c