A good which is nonrival and nonexcludable is
A) a public good.
B) a private good.
C) a social good.
D) an externality.
A
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The Coase theorem states that if transaction costs are low, the number of parties is small, and property rights are well established
A) the government must intervene to eliminate any externalities in the market. B) private transactions are efficient. C) there will be no pollution. D) Both answers B and C are correct.
The disappointment with import-substitution policies is in part because
A) of the rapid and continuous growth record of South American countries. B) many countries pursuing this strategy experienced stagnation in their growth. C) this policy is inconsistent with sophisticated economic growth models. D) this policy tended to create world-class industrial competitors. E) of the financial investment lost by the U.S.
A ______ is a private good.
a. sewer b. highway c. river d. shoe
A small country is considering imposing a tariff on imported wine at the rate of $5 per bottle. Economists have estimated the following based on this tariff amount: World price of wine (free trade):$20 per bottleDomestic production (free trade):500,000 bottlesDomestic production (after tariff):600,000 bottlesDomestic consumption (free trade):750,000 bottlesDomestic consumption (after tariff):650,000 bottles The imposition of the tariff on wine will cause the surplus of the domestic consumers to ________ by about
A. fall; $3.5 million. B. fall; $10 million. C. rise; $3.5 million. D. fall; $250,000.