The figure above shows the market for college education in the United States. The marginal external benefit associated with educating 14 million students is ________ per student per year

From society's point of view, the amount of air and water pollution that currently exists is excessive. Which of the following statements are explanations of this excessive pollution?

a. Firms that cause air and water pollution are not paying the full social costs of producing their output. b. Consumers, who purchase goods from firms that pollute, are not paying a price for these goods which totally reflect the social costs of producing the goods. c. Private property rights for clear air and clean water are not currently well defined by the judicial system; hence private individuals cannot charge polluters for the external costs these polluters impose on private individuals. d. All of these.

Deviations from purchasing power parity will be increasingly higher as international trade tariffs become more restrictive. The main reason for this phenomenon is that:

a. arbitrage activities become less profitable. b. governments prefer purchasing power parity not to hold. c. the interest rate parity fails to hold. d. goods become more differentiated across countries. e. individuals develop hatred toward closed economies.