Which of the following is true?
a. All types of environmental problems can be solved merely by the enforcement of individual property rights.
b. Environmental regulation cannot improve environmental quality.
c. Income levels exert little impact on the demand for environmental quality.
d. Markets often result in outcomes that are inefficient when it is difficult to assign and enforce property rights.
D
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If insurance companies knew how risk-averse their customers were:
A. adverse selection would not occur. B. diversification would not occur. C. policies would be perfectly diversified, resulting in lower premiums for everyone. D. risk pooling would not occur.
Firms in perfectly competitive markets who wish to maximize profits ought to produce:
A. where total profit is the greatest. B. at capacity and plan to expand in the long run. C. where marginal revenue equals market price. D. as many units as their scale allows.
If the Federal Reserve increases the interest rate on bank deposits at the Fed, banks will want to hold
a. fewer reserves, so the reserve ratio will fall. b. fewer reserves, so the reserve ratio will rise. c. more reserves, so the reserve ratio will fall. d. more reserves, so the reserve ratio will rise.
Number of workersUnits of output00110230344455
Refer to Table 5.1, which gives a firm's production function. Assume that all non-labor inputs are fixed. The marginal product of the fourth worker is:
A. 12 units. B. 11 units. C. 5 units. D. 0 units.