The Strong Coase Theroem states that in the absence of transaction costs, the assignment of property rights
a. has a negative effect on how resources are allocated.
b. has a positive effect on how resources are allocated.
c. has no effect on how resources are allocated.
d. does not affect the efficiency of how resources are allocated.
c. has no effect on how resources are allocated.
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Using the data in the above table, the labor force is
A) 140.0 million. B) 152.1 million. C) 154.2 million. D) 250.0 million. E) 127.9 million.
In the above table, when output increases from 8 to 12 units, the marginal cost of one of those 4 units is
A) $1.20. B) $2.00. C) $5.00. D) $15.00.
An unintended bad outcome is referred to as a(n) ________ and ________ cause harm to an individual firm.
A) accident; cannot B) mistake; cannot C) accident; can D) mistake; can
Suppose you receive Y1 of your income this period and Y2 of your income in the next period. If you can either borrow or lend at an interest rate r, what is the most you can consume in the future period?
A. Y2(1 + r) + Y1 B. Y2/(1 + r) + Y1 C. Y1(1 + r) + Y2 D. Y1/(1 + r) + Y2