Nobel laureate economist Ronald Coase suggests that pollution problems could be solved if
A. people used a community spirit rather than a self-interested motive when making decisions.
B. community property was made the norm.
C. community property was owned by self-interested parties.
D. people simply thought about the costs of their actions.
Answer: C
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If expenditure by the government of a country increases, ________
A) the aggregate price level of the country will decrease B) the country's expenditure on consumption will decrease C) the unemployment rate in the country will increase D) the gross domestic product of the country will increase
Congress passed the Freedom to Farm Act in 1996. What was the purpose of this Act?
A) to phase out price floors and return to a free market in agriculture B) to grant free land to farmers in order to produce crops that were particularly scarce C) to phase out the use of price ceilings in agricultural markets D) to encourage more people to become farmers
In his article, "The Nature of the Firm," Ronald Coase
a. suggested that monopolies may be more innovative than competitive firms b. argued that the economy should be organized into one large firm c. provided an answer to the question, "Why do firms exist?" d. focused on the concept of adverse selection e. analyzed concentration in U.S. industry
GDP excludes the purchases of sliced bread by a sandwich shop, because the bread is an intermediate good in this case
a. True b. False Indicate whether the statement is true or false