If private property rights were established in the oceans, there would probably be
A. more ocean pollution.
B. less ocean pollution.
C. the same amount of ocean pollution that exists without private property rights in the ocean.
D. more ocean voyages on cruise ships.
Answer: B
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Refer to Scenario 11.1. How much would Mariana expect to pay each landowner for his or her land?
A) $200,000 B) $400,000 C) $600,000 D) $3 million
Explain the Law of One Price. Give an example
What will be an ideal response?
For which of the following workers would the income effect be more likely to outweigh the substitution effect of an increase in wage?
a. gardener b. teacher c. professional athlete d. plumber
The demand curve for labor slopes down because
A) firms value less efficient workers less than they value more efficient workers. B) firms must lower prices to sell the additional units of its product that the extra workers produce. C) of the law of diminishing marginal product. D) of profit maximizing behavior.