Elinor Ostrom won the 2009 Nobel Prize in economics for her research showing:
A. government provision of public goods is the most efficient solution to the tragedy of the commons problem.
B. social norms can sometimes be powerful enough for commonly held property to be managed extremely well.
C. that privatization of public goods is the most effective solution to market failure associated with commonly held property.
D. social norms are not an effective solution for the management of commonly held property.
Answer: B
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If there are negative externalities that spill across governmental borders, this provides a justification for _____
a. private action b. larger governments c. smaller governments d. intergovernmental competition
In the long run, an increase in the saving rate
a. doesn't change the level of productivity or income. b. raises the levels of both productivity and income. c. raises the level of productivity but not the level of income. d. raises the level of income but not the level of productivity.
Figure 11-3
In Figure 11-3, which line represents the change in the consumption schedule caused by an increase in the personal income tax?
a.
C1 in graph (a)
b.
C2 in graph (a)
c.
C1 in graph (b)
d.
C2 in graph (b)
If C = $250, I = $50, G = $60, NX = -$20, and NFP = $5, how much is GNP?
A) $365 B) $335 C) $340 D) $345