In general, pollution exists in situations in which
A. there are poorly defined private property rights.
B. people are selfish.
C. there exists public property.
D. people refuse to take social responsibility seriously.
Answer: A
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Any combination of two goods that lies beyond the production possibilities frontier
A) is currently impossible to produce. B) is currently possible to produce, but not worth trying. C) represents economic waste. D) represents a more efficient combination of output than anything lying on the frontier.
Differentiate between the four market structures on the basis of the type of products sold
What will be an ideal response?
Explain the differences between the price leadership model and collusive oligopoly.
What will be an ideal response?
In 2012, the so-called Tax Freedom Day in the U.S. occurred in:
A. February B. April C. August D. June