For economists, the word "utility" means:

Before 1815, Hughes and Cain (2011) claim, westward movement was blocked by

(a) disputed claims to western lands. (b) lack of government land sale surveys and offices. (c) hostile Indian tribes. (d) all of the above.

Why are externalities associated with common property rather than private property?

What will be an ideal response?

The efficient scale of the firm is the quantity of output that

a. maximizes marginal product. b. maximizes profit. c. minimizes average total cost. d. minimizes average variable cost.

The adaptive rationality standard:

A. takes people's goals as given and assumes that people are efficient at pursuing whatever goals they happen to hold at the moment of action. B. assumes that people act in their own self-interest because cooperating with others is irrational. C. argues that people are only able behave rationally if they are aware of how their actions affect others. D. assumes that people's goals are themselves a choice variable and that people's choices about which goals to pursue are made efficiently.