Poorly defined property rights imply that _____
a. people can play their music as loud as they would like
b. profit opportunities exist for entrepreneurs
c. a Pareto optimum is still easily achieved
d. people may be able to use resources without paying for them
d
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If Debbye is willing to pay $50 for a pair of shoes but only has to pay $20 because the shoes are on sale, then her consumer surplus on that pair of shoes is
a. $50 b. $20 c. $70 d. $30 e. $25
Medicare costs are high, and rising at rapid rates, because
A. medical technology is advancing and raising costs. B. medical technology is advancing and raising costs, and at the same time there are more and more elderly. C. the elderly have been shown to enjoy hospitals. D. there are more and more elderly.
From the mid-1970s to the mid-1990s, the federal government ran a _____ and the state and local governments ran a _____.
A. deficit; deficit B. deficit; surplus C. surplus; surplus D. surplus; deficit
Dissaving occurs where:
A. income exceeds consumption. B. saving exceeds consumption. C. consumption exceeds income. D. saving exceeds income.