The proposition that if property rights exist and are enforced, then private transactions are efficient is referred to as the
A) Coase theorem.
B) property rights theorem.
C) pollution rights theorem.
D) emission rights theorem.
E) private-market efficiency theorem.
A
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Under what conditions will the political process provide an inefficient amount of a public good?
What will be an ideal response?
If the tax function is given by T = – 20 + 0.1Y the average tax rate would
a. be 0.1. b. fall as income falls. c. vary negatively with income. d. be – 20 + 0.1. e. none of the above
Classical economists believed that production could be stuck below its full employment level for a long period of time
a. True b. False
The United Automobile Workers union can select the most favorable point on the demand curve for labor and the auto manufacturing companies can do nothing in response
a. True b. False Indicate whether the statement is true or false