When no property rights exist
A. no one has an economic incentive to care for common property, and an externality may well occur.
B. externalities will be internalized by voluntary arrangements among a small group of parties.
C. society will produce beyond the production possibilities frontier, but the allocation of resources is not apt to be optimal.
D. there will be no production.
Answer: A
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Macroeconomic information for the economy of Anchovy is given below
(a) What was the growth rate of average labor productivity in Anchovy between Year 1 and Year 2? (b) What was the inflation rate in Anchovy between Year 1 and Year 2? (c) What was the unemployment rate in Year 1? In Year 2?
The final consumer demand for chicken (a normal good) in China will shift if:
a. Consumer income decreases b. If fewer consumers are present in the market c. If the price of pork decreases d. All of the above e. If either a or b occurs, but not c
According to the Weber-Fechner law, the perceived change in any stimulus:
A. is larger when the change is large in proportion to the original stimulus. B. is larger when the change is small in proportion to the original stimulus. C. does not depend on the size of the change in proportion to the original stimulus. D. is zero regardless of the size of the original stimulus.
Labor productivity is commonly measured as
A. the change in real GDP divided by change in number of workers. B. nominal GDP divided by number of workers. C. real GDP divided by number of workers. D. the number of workers divided by real GDP.