Common property is
A) an externality.
B) a social cost.
C) property that is owned by everyone and therefore by no one.
D) any resource that is free for the user.
Answer: C
You might also like to view...
The primary factor leading to cyclical unemployment is when
A) businesses often discriminate in their hiring practices on the basis of age, sex, and race. B) the level of overall economic activity fluctuates. C) workers quit their jobs in order to look for higher paying employment. D) some workers do not have marketable job skills.
Of the following high-income countries, which has the lowest infant mortality rate?
A) Canada B) Japan C) the United Kingdom D) the United States
Marginal utility is best computed as the ratio of:
a. total utility to change in quantity consumed. b. the change in total utility to total quantity consumed. c. total quantity consumed to total utility. d. the change in total utility to change in quantity consumed.
If Japan gives up ten bushels of rice to produce one bicycle, while the United States gives up five bushels of rice to produce one bicycle, then:
a. the opportunity cost of producing bicycles in the United States is higher than in Japan. b. Japan has a comparative advantage in the production of bicycles. c. the United States has an absolute advantage in the production of rice. d. total output will be highest if the United States specializes in rice and Japan specializes in bicycles. e. total output will be highest if Japan specializes in rice and the United States specializes in bicycles.