Economic analysis implies that one of the most effective ways to deal with potential damages from environmental pollution is to
a. declare the relevant resources to be public goods, owned by the public.
b. establish and enforce property rights for the resources that are being damaged, if possible.
c. allow the government to take over and control all natural resources.
d. enact legislation that makes all environmental pollution illegal.
B
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Macroeconomics is best described as the study of
A) the nation's economy as a whole. B) very large issues. C) the choices made by individual households, firms, and governments. D) the relationship between inflation and wage inequality.
The limit on the amount of information a manager can comprehend about a firm's operation is known as
a. adverse selection b. bounded rationality c. diseconomies of scope d. managerial incompetence e. moral hazard
Banks that wish to borrow required reserves can turn to the federal funds market
a. True b. False Indicate whether the statement is true or false
If a positive externality results from the consumption of higher education, then the marginal benefit students receive from education:
a. equals the marginal social benefit b. is less than the marginal social benefit. c. includes the marginal external benefit. d. exceeds the marginal social benefit.