The granite boulders in Rocky Mountain National Park are a favored place among talented climbers who specialize in the art of bouldering, or climbing harder (but shorter) routes without tying into a rope
Climbers have taken to (illegally) stashing foam crash pads underneath the boulders but marmots and other rodents chew up the pads and the litter is spread by the wind. To limit overuse of this park, suppose a limited number of permits are sold each year to climbers who can sell them at any time to other climbers. This method of achieving efficient use of a common resource is most like what government policy? A) Production quota
B) Property right
C) Individual transferable quota
D) Marginal social benefit right
C
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Who from among the following would be classified as employed?
A. Mario Faubert, a NHL hockey player at home sick with the flu. B. Jack Little, a 21 year old new college graduate actively looking for his first job. C. Brenda Smith, an 18 year old full-time college student. D. Sarah Lopez, a retired public school teacher.
Some argue that tariffs always hurt the imposing country's economic welfare, and are typically designed to shift resources from one sector to another, protected or preferred one, within an economy. Find and discuss a counter example to this argument
What will be an ideal response?
During the 1960s, 1970s, and early 1980s, traditional bank profitability declined because of
A) financial innovation that increased competition from new financial institutions. B) a decrease in interest rates to fight the inflation problem. C) a decrease in deposit insurance. D) increased regulation that prohibited banks from making risky real estate loans.
A monopolistically competitive firm has the free entry characteristics of ________ and the price setting characteristics of ________
A) an oligopolistic market; perfect competition B) perfect competition; a monopoly C) a monopolistic market; a cartel D) perfect competition; perfect competition