Which of the following would most likely be an example of market failure?
a. industrial water pollution
b. eBay transactions
c. tradable pollution permits
d. brokers re-selling tickets for concerts
a
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Who gains from international trade?
A) only the exporting nation B) only the importing nation C) both the importing and the exporting nations D) neither the importing nor the exporting nations E) The gain depends on which nation gets to keep the total revenue from the sale.
A great deal of damage is done to the environment in the urban U.S. because
A) a system based on private property cannot provide for a common environment. B) few people understand the economics of pollution. C) many and perhaps most people assign little or no value to a pleasant environment. D) the environment is treated as everyone's property and therefore as no one's property. E) the United States has no central planning.
Goods with many substitutes tend to have more price elastic demand curves
Indicate whether the statement is true or false
When the housing market bubble burst, many people found that:
A. the value of their homes exceeded their mortgage loans. B. they owed more than their house was now worth. C. it was much easier to sell their home. D. there was a limited number of houses for sale.