Pollution and other negative exernalities arise because there are no practical, enforceable, private property rights to open-access resources, such as air
Indicate whether the statement is true or false
true
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Which of the following best represents negotiation costs?
A) Dinesh has to spend time and effort to make sure that the chemical factory is living up to the agreed upon bargain that it will reduce the pollution it is releasing into the local river by 50 percent. B) Laila needs to come up with enough cash to pay the owners of the paper manufacturing plant, its attorneys, accountants, and negotiators so that a bargain can be reached with the paper manufacturer to reduce air pollution. C) Esperanza has to spend time and effort locating and organizing all the other people who have been adversely affected by the strong odors emanating from the local slaughterhouse in order to initiate the bargaining process. D) Rafael has to spend time determining whether the fertilizer manufacturer, the lead smelter, or the oil refinery is the cause of pollution seeping into the groundwater in his local community.
Disposable personal income is defined as
A) personal income less personal taxes. B) personal income less personal taxes plus indirect sales taxes. C) personal income less transfer payments plus personal taxes. D) personal income less depreciation.
For an individual who has special talent as an entertainer, a large proportion of his salary can be considered
A) a fixed cost. B) economic rent. C) a payment below opportunity cost. D) non-taxable income.
Graphs are valuable because they facilitate interpretation of data
a. True b. False Indicate whether the statement is true or false