Private property rights are essential to market economies.
Answer the following statement true (T) or false (F)
True
Market economies rely on market forces, which are dependent upon the existence of property rights.
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When researchers use the damage function method, they
a. model the relationship between the cost of the policy and the associated reduction in environmental damages b. can directly measure the reduction in environmental damage in monetary units c. measure the link between a policy-induced decrease in contamination and the associated reduction in environmental damage d. can measure all aspects of incremental benefits at once
The minimum efficient scale is
A) the plant size that yields the most profit. B) the smallest output level where the firm finally reaches productive efficiency. C) the level of operation where long-run average costs are lowest. D) the level of output where diminishing returns have not set in yet.
Individuals who face greater risks
a. are more likely to purchase insurance b. are less likely to purchase insurance c. are neither more nor less likely to purchase insurance d. are risk neutral
Economies of scale is another term for
a. increasing returns to scale. b. constant returns to scale. c. increasing marginal physical productivity. d. decreasing returns to scale.