Since it is difficult to establish and enforce ownership rights over air, people have less incentive to preserve air quality than if its ownership was clearly defined
a. True
b. False
Indicate whether the statement is true or false
True
You might also like to view...
Money is any commodity or token that is
A) issued by the government. B) backed by gold. C) generally accepted as a means of payment. D) a store of value. E) generally accepted as a means of measurement.
The short-run Phillips curve is another way of looking at
A) aggregate supply. B) Okun's Law as applied to aggregate demand. C) potential GDP. D) aggregate demand. E) the natural rate of unemployment.
The Heckscher-Ohlin theory predicts that the opening of trade between a land-abundant country and a labor-abundant country should result in
A. higher wages in the labor-abundant country and higher rents in the land-abundant country. B. higher rents and wages in both countries. C. lower rents and wages in both countries. D. higher rents in the labor-abundant country and higher wages in the land-abundant country.
Suppose people on diets buy the bulk of the ground chicken and ground turkey sold in the U.S., and they use either interchangeably, as a substitute in recipes for ground beef. If the price of ground turkey rises and the price of ground chicken does not, then CPI will
A. overstate inflation because of the issue of substitution. B. understate inflation because of the issue of substitution. C. overstating inflation because of the issue of missing "where people shop." D. understating inflation because of the issue of missing "where people shop."