Property rights often remain poorly defined because of _____
a. difficulty enforcing ownership once defined
b. government fiat
c. strong incentives towards the status quo
d. monopolies
a
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The figure above shows the market for milk in Cowland. A subsidy paid to producers of $1 per gallon of milk is introduced. If there are no external costs and no external benefits, the marginal benefit of the last gallon of milk consumed is
A) $3.50 a gallon. B) $4.00 a gallon. C) $4.50 a gallon. D) $5.00 a gallon.
Refer to Figure 5-3. The deadweight loss due to the externality is represented by the area
A) nso. B) mso. C) msn. D) mtn.
If the average variable cost curve is above the marginal cost curve, then
A) marginal costs must be decreasing. B) average variable costs must be increasing. C) marginal costs can be either increasing or decreasing. D) marginal costs must be increasing.
The nominal exchange rate is
A) the difference between the interest rate in one country and the interest rate in another country. B) the rate at which a bond may be exchanged for currency. C) the rate at which a stock may be exchanged for currency. D) the price of one country's currency in terms of another's.