Which of the following is included in M2 but not in M1?

Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to the game for $325 or $400

Krueger found that (a) 94 percent of those surveyed would not have paid $3,000 for their tickets, and (b) 92 percent of those surveyed would not have sold their tickets for $3,000. These results are evidence of A) the high value fans place on watching the Super Bowl in person, rather than on television. B) the failure of consumers to ignore sunk costs. C) consumers being overly optimistic about their future behavior. D) the failure of consumers to take into account nonmonetary opportunity costs.

The Coase Theorem does not imply which of the following?

a. Resources will be allocated efficiently in the absence of transactions costs. b. Resources will move to their highest valued use in there are no transactions costs. c. The initial allocation of property rights does not matter to the parties involved. d. The allocation of resources is independent of the assignment of property rights if transactions costs are zero.

Certificates of ownership of a company are called:

A. financial liabilities. B. stocks. C. limited liabilities. D. profits.

The main reason the usefulness of Pareto optimal policies is limited as a policy guide is that:

A. it is too subjective. B. real-world changes in which more people are helped than are harmed are rare. C. real-world changes in which no one is harmed are rare or nonexistent. D. it is only objective, and good policy also requires a subjective element.