Elinor Ostrom won the 2009 Nobel Prize in economics for her research showing:
A. social norms can sometimes be powerful enough for commonly held property to be managed extremely well.
B. social norms are not an effective solution for the management of commonly held property.
C. that privatization of public goods is the most effective solution to market failure associated with commonly held property.
D. government provision of public goods is the most efficient solution to the tragedy of the commons problem.
A. social norms can sometimes be powerful enough for commonly held property to be managed extremely well.
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Refer to the table above. Suppose that in normal years demand is represented by Case 2 and supply is represented by Case B. If it is discovered that wapanzo beans help prevent cancer, then supply will ________ and demand will ________
A) become case C; become case 1 B) become case C; stay at case 2 C) stay at case B; become case 1 D) become case A; become case 1
In 2008, the Fed and the Treasury began attempting to stabilize the commercial banking system through the Troubled Asset Relief Program (TARP) by
A) providing funds to banks in exchange for stock. B) permitting banks to sell commercial bonds to the Federal Reserve Bank. C) allowing banks to double any outstanding claims for federal deposit insurance reimbursements. D) allowing domestic banks to be taken over by foreign banks.
The price of a good will tend to rise when
a. there is excess demand for the good. b. the supply of the good increases. c. demand for the good decreases. d. there is excess supply of the good.
The U.S. economy is currently experiencing a standard business cycle.
Answer the following statement true (T) or false (F)