An open-access good is often subject to which of the following problems?
a. Limited entry and restrictive harvest regulations
b. High levels of economic rent
c. The common-pool problem
d. Government regulation
c
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Say's Law can be succinctly restated as:
A. "In equilibrium, supply equals demand." B. "Supply creates its own demand." C. "The more things change, the more they stay the same." D. "If something cannot go on forever, it will stop."
A change in the quantity demanded of a product is the result of a change in
A) consumer income. B) the price of the product. C) the cost of producing the product. D) the price of related goods.
Political leaders are always aiming for an optimal combination of efficiency and equality
a. True b. False Indicate whether the statement is true or false
Government vouchers to purchase food, also known as food stamps, are an example of
a. an in-kind transfer. b. life-cycle income. c. a negative income tax. d. permanent income.