People can reasonably expect that an economic system will decide all of the following except:
A. what goods to produce.
B. how to produce the goods.
C. for whom to produce the goods.
D. how to assign initial property rights.
Answer: D
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The Coase Theorem suggests that negotiations to eliminate an externality allow the resource to
A. stop causing the externality altogether. B. move to the person who values it the most. C. move to the person who needs it the most. D. continue to benefit everyone.
The best weather in a decade has given Australia a bumper wheat crop. Australia is a small open economy. Based on this information alone, you would expect that
A) desired investment would decrease. B) desired investment would increase. C) the current account would increase. D) the current account would decrease.
Lines, ration coupons, and black markets are symptoms of a
a. price floor. b. price ceiling. c. free market. d. barter economy.
Looking at the record of concentration in the United States from 1992 to 2012, one finds concentration has
A. steadily increased. B. risen dramatically in the past 15 years. C. changed very little. D. fallen steadily except in wartime.