In 1997 a community in a Southeastern state passed a beautification ordinance (law prohibiting the placement of indoor furniture outside of homes, i.e., no couches on the porch). The law represents a conflict between __________ and __________
a. the rich; the poor
b. third parties; private property rights
c. consumers of goods; producers of goods
d. public goods; private goods
e. market failure; government failure
B
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Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing consumer surplus after the imposition of the price floor?
A) C + E B) B + C + D + E C) A+ B + D D) A
Which of the following is true?
a. Incentive compensation imposes no risks on the agents and thus should not affect their compensation b. Incentive compensation imposes risk on the agent but need not be compensated for c. Incentive compensation imposes risk on the agent for which they should be compensated d. Incentive compensation is a bad idea
If the rate of inflation overseas falls relative to the rate of inflation in the United States, U.S. net exports will tend to ____, causing the exchange value of the U.S. dollar to ____
a. rise; rise b. rise; fall c. fall; rise d. fall; fall
When imports exceed exports there is a(n):
A. trade balance. B. trade deficit. C. trade surplus. D. output gap.