Overfishing in oceans is a prisoner's ______ outcome.
Fill in the blank(s) with the appropriate word(s).
Answer: dilemma
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When attempting to build a shopping center the size of several city blocks a developer anticipates a holdout problem in his preferred location. Which of the following is not an option the developer has available to get around the holdout problem?
a. Substituting to another location by building the shopping center on former farmland on the urban fringe. b. Lobbying the local government to use eminent domain on potential holdouts. c. Attempting to purchase the properties through dummy corporations to hide his true intent. d. Using contracts that increase everyone's sale price by a small percentage if everyone sells.
A consumer's willingness to trade one good for another can be expressed by the consumer's
A) indifference curve. B) marginal rate of substitution. C) Both A and B above. D) None of the above.
The optimal level of water and air quality
a. is zero, which is a pollution-free environment b. occurs when the marginal private cost of air quality equals its marginal social cost c. is greater if the marginal social cost curve of air quality shifts downward d. occurs when all negative externalities are eliminated e. eliminates the common pool problem
The nominal interest rate is 6 percent and the real interest rate is 2.5 percent. What is the inflation rate?
a. 2.4 percent. b. 3.5 percent. c. 8.5 percent. d. 15 percent.