A tax is efficient if it imposes a large excess burden relative to the tax revenue it raises

The granite boulders in Rocky Mountain National Park are a favored place among talented climbers who specialize in the art of bouldering, or climbing harder (but shorter) routes without tying into a rope

Climbers have taken to (illegally) stashing foam crash pads underneath the boulders but marmots and other rodents chew up the pads and the litter is spread by the wind. To limit overuse of this park, suppose a limited number of permits are sold each year to climbers who can sell them at any time to other climbers. This method of achieving efficient use of a common resource is most like what government policy? A) Production quota B) Property right C) Individual transferable quota D) Marginal social benefit right

Which of the following variables is most directly determined in the labor market?

A) stock prices B) nominal wages C) interest rates D) all of the above E) none of the above