According to Coasian reasoning, if negotiation is costless:
a. irrespective of the initial distribution of rights, the efficient outcome will minimize the net benefit of the group.
b. the efficient outcome will minimize the net benefit of the individual who has more rights compared to the others in the group.
c. irrespective of the initial distribution of rights, the efficient outcome will maximize the net benefit of the group.
d. the efficient outcome will maximize the net benefit of the individual who has more rights compared to the others in a group.
C
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The distribution of income in the United States is skewed so that the mode level of household income is ________ the median household income and the median household income is ________ than the mean household income
A) less than; less than B) less than; greater than C) greater than; greater than D) greater than; less than
In the long run, higher government budget deficits will
A) lead to a redistribution of real GDP from privately produced goods and services to government produced goods and services. B) lead to a redistribution of real GDP from government produced goods and services to privately produced goods and services. C) cause the price level to go down on government goods but not on private goods. D) lead to a reduction in the amount of goods and services produced by the government and private sector.
Holding other factors constant, if bad weather destroys the annual crop for carrots, it causes the supply curve for carrots to
a. Shift to the left, causing the prices of carrots to rise b. Shift to the left, causing the prices of carrots to fall c. Stay the same d. The supply curve does not shift. Only the demand curve shifts.
The creation of a new agricultural policy that includes target pricing occurred during which decade?
a. 1930s b. 1940s c. 1970s d. 1980s e. 1950s