U.S. financial crises begin in a period of ________

Which of the following statements is not correct?

a. Private markets tend to over-produce products with negative externalities. b. Private markets tend to under-produce products with positive externalities. c. Private parties can bargain to efficient outcomes even in the presence of externalities. d. Private parties are usually more successful in achieving efficient outcomes than government policies in the presence of externalities.

Fixed exchange rates are fixed by

A. international speculators who manipulate the world’s currencies. B. international demand and supply. C. national governments. D. All of the above are correct.