The problem of overfishing in waters that are commonly owned can be solved when the government determines the total amount of fish can be removed from a given area during each fishing season. Then the fishermen
A) will not be able to fish.
B) can trade their rights (shares) to fish or not.
C) will externalize their private costs to the government.
D) will lower their private costs to fish.
B
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A White House proposal to lower business taxes by increasing tax deductions is an example of
A) progressive taxation. B) contractionary fiscal policy. C) automatic stabilization. D) expansionary fiscal policy.
A good that if supplied to one person is supplied to all and whose consumption by one individual does not prevent its consumption by another individual is known as:
A. an internal good. B. a public good. C. an external good. D. a private good.
Refer to the information provided in Table 21.10 below to answer the question(s) that follow. Table 21.10
Refer to Table 21.10. Assume that this economy produces only two goods Good X and Good Y. If year 1 is the base year, the value for this economy's GDP deflator in year 2 is
A. 84.5. B. 92.4. C. 105.0. D. 108.2.
In monopolistic competition, a firm has a limited degree of "price-making" ability. This means that the firm will:
A. Always earn an economic profit B. Set price equal to marginal cost C. Set price above marginal cost D. Produce at minimum average total cost