The key distinction that separates endangered resources from sustainable resources is the nature of
A) externalities.
B) transactions costs.
C) property rights.
D) overall consumption.
C
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The efficient market hypothesis states that:
A. markets currently contain all available information and correctly value instruments. B. when buyers and sellers act in their own best interest markets will be efficient. C. in order for markets to be efficient they need to be adequately regulated. D. markets currently contain an efficient amount of information for them to clear.
If I use 1,000 gallons of water a month at a price of $.01 a gallon, is my consumer surplus likely to be large or small? Explain
Government spending that changes automatically without action by Congress is
A) a noncontrollable expenditure. B) national defense. C) payments to contractors for routing services performed. D) discretionary payments.
What does the expression "There's no such thing as a free lunch" mean?
What will be an ideal response?