________ protect property rights.
A. Injunctions and liability rules
B. Bargaining and negotiation
C. Taxes and subsidies
D. Rivalry and excludability
Answer: A
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The classical theory predicts that
A) countries will completely specialize in the production of export goods. B) considerable trade will occur between countries with different levels of technology. C) small countries could obtain all of the gains from trade when trading with large countries. D) All of the above.
Quantitative evidence on federal land policy has led current economic historians to conclude that
a. the policy was inefficient and reduced total output. b. the policy was largely inefficient, with evidence of increased output only found on large farms. c. the Homestead Act allowed western farmers to enjoy rising agricultural prices for most of the post-bellum period. d. average rates of return on western agricultural investments were comparable to those in manufacturing.
If M increases faster than V decreases: a. nominal GDP increases
b. nominal GDP decreases. c. nominal GDP stays the same. d. there is an indeterminate effect on nominal GDP.
An economy's marginal social benefit curve for a private good is obtained by summing the individual marginal
a) cost curves horizontally b) benefit curves vertically c) benefit curves diagonally d) benefit curves horizontally