In the late 1920s, you could buy $5,000 worth of stock by putting down as little as

"Since the wind and the flowing rivers can take away industrial waste without charge, polluting is a profitable activity even when people are seriously harmed downwind or downstream, unless environmental regulators stop it." This statement is

a. false if the property rights of downwind or downstream individuals are protected. b. true if the property rights of industrialists are enforced. c. never true. d. always true.

Friedman argued that the Fed could use monetary policy to peg

a. nominal exchange rates. b. the level of real GDP. c. the rate of unemployment. d. None of the above is correct.