Which of the following would be viewed as a common property problem?
A) Your property is burglarized.
B) Vandals damage your property.
C) People pick all of the flowers in a public park.
D) To be safe you must lock your door at night.
Answer: C
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If the risk associated with a particular outcome is ________, or the value of a particular outcome is ________, then cost-benefit analysis might lead people to take too few precautions
A) overestimated, overestimated B) overestimated; underestimated C) underestimated; overestimated D) underestimated; underestimated
How does the selling of pollution rights lead to a more efficient outcome?
What will be an ideal response?
The three sources of government revenue are taxes, the ________ of government bonds, and the ________ of high-powered money
A) issuance, collection B) issuance, issuance C) buying back, collection D) buying back, issuance
The price elasticity of demand for a linear demand curve follows the pattern (moving from high prices to low prices):
a. elastic, unit elastic, inelastic. b. unit elastic, inelastic, elastic. c. inelastic, unit elastic, elastic. d. elastic, inelastic, unit elastic.