Changing the ownership of the ocean from common property to private property would
A) ensure that this resource would be allocated in a more efficient manner.
B) ensure that this resource would be allocated in a less efficient manner than under common property rights.
C) not be economically desirable.
D) result in no appreciable change in efficiency of utilization of this resource.
A
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Suppose the production function is Y = AK0.3N0.7. Suppose in 2000, K = 1000, N = 100, and Y = 199.5. In 2010, capital, labor, and output have doubled, so K = 2000, N = 200, and Y = 399
(a) By what percentage did productivity grow from 2000 to 2010? (b) If output had risen to 798 instead of 399, and capital and labor doubled, by what percentage would productivity have grown from 2000 to 2010?
Suppose you purchased 500 shares of stock in 2013 for $15 a share, and the price now is $20 a share. If you sell the stock, then your capital gain is
A) $2500. B) $1000. C) $10000. D) indeterminate without knowing the inflation rate.
In the above figure, the production of 25 guitars and 25 ukuleles is
A) efficient production. B) inefficient production. C) impossible production. D) not possible since production always occurs along the PPC.
Assume the required reserve ratio is 20 percent and the FOMC orders an open-market purchase of $100 million in government securities from member banks. If the oversimplified money multiplier is assumed, then the money supply will
A. increase by $500 million. B. increase by $100 million. C. decrease by $100 million. D. decrease by $500 million.