Under a riparian system, water rights
a. Are allocated according to its most highly-valued uses
b. Are separate from the ownership of land
c. Are based on who moved to an area first
d. Are freely traded in water markets
e. Are owned by those owning adjacent land
Answer: e. Are owned by those owning adjacent land
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The total amount of consumer surplus and producer surplus is at its maximum when
A) consumers and producers are allowed to trade at the market clearing price. B) the government imposes a price floor that is higher than the market clearing price. C) the government imposes a price ceiling that is lower than the market clearing price. D) free market exchanges do not exist.
Because central banks intervene in currency markets, the term ____ has been used to describe the system.
A. planned float B. controlled float C. flexible D. dirty float