The Ogallala aquifer is a large underground pool of fresh water under several western states in the United States. Any farmer with land above the aquifer can at present pump water out of it. Which of the following statements about the aquifer is correct?
a. The aquifer is a public good which must be publicly owned to be used efficiently.
b. The aquifer is a private good which must be privately owned to be used efficiently.
c. The aquifer is a common resource which will be overused if no one owns it.
d. The aquifer is a club good which should be left as it is.
c
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The majority of government programs designed to help poor families consists of direct cash payments.
A. True B. False C. Uncertain
Output per capita is the most commonly used measure of the prosperity of a nation
a. True b. False
Which of the following is a possible justification for restricting trade? a. Restricting trade decreases domestic production
b. Restricting trade increases domestic unemployment. c. Restricting trade ensures lower domestic wages. d. Restricting trade protects domestic production.
Describe the three characteristics of an industry characterized by monopolistic competition.
What will be an ideal response?