According to the Coase theorem, which of the following are necessary for the efficient levels of pollution to be achieved? I. Property rights are defined. II. Transactions costs are low
A) I only
B) II only
C) both I and II
D) neither I nor II
C
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The federal budget
A) is required to balance by law. B) can have a surplus but not a deficit. C) can have a deficit but not a surplus. D) can have a deficit or a surplus but cannot be balanced. E) can have a deficit, a surplus, or a balance.
Which of the following would be consistent with the notion of a competitive market process, but would be inconsistent with the notion of perfect competition?
A) Cost-plus-markup pricing B) Freedom of entry C) Price taking behavior D) Large numbers of buyers and sellers E) All of the above.
The figure above shows a time-series graph. The horizontal axis measures ________ and the vertical axis measures ________
A) time; x-values B) time; the variable of interest C) the variable of interest; time D) y-values; the variable of interest
The spot exchange market is for ________ delivery, whereas a forward contract permits a firm to buy or sell currency for ________ delivery
A) future; immediate B) local; distant C) immediate; future D) long-term; short-term