Mountain bikers and rollerbladers share the only trail in a city park. The city allows everybody into the park and onto the trail. The mountain bikers say the rollerbladers are a hazard to them; the rollerbladers say it's the other way around. Frequently there are collisions and many injuries occur. Which of the following ways of dealing with the problem does not implicitly grant someone a
property right?
a. Allow bikers to use the trail on odd-numbered days and rollerbladers to use it on even-numbered days.
b. Allow bikers to use the trail in the morning and rollerbladers to use it in the afternoon.
c. Allow only bikers in the park because they have invested in the more expensive sports equipment.
d. Kick everybody out of the park.
e. Build another trail, put rollerbladers on one and bikers on the other, and give bikers the right-of-way at intersections.
D
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External economies of scale often arise because similar firms
A) locate in the same geographic region. B) collude to fix prices and increase profits. C) have excellent internal logistics. D) agree to cooperate to expand global trade. E) have economies of scale in production.
If the price of labor falls, we can expect:
a. demand for labor will increase. b. quantity demanded of labor will increase. c. demand for labor will decrease. d. quantity demanded of labor will decrease. e. marginal factor cost to rise in a competitive market.
Fish in the ocean would be considered:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
When residents surrounding an airport complain about noise from aircraft landings and takeoffs, the relevant economic analysis is that of
a. externalities. b. equality-efficiency trade-off. c. comparative advantage. d. the cost decrease of the service sector. e. the cost disease of personal services.