National income equals gross domestic product
A) minus the consumption of fixed capital. B) minus government transfer payments.
C) plus government transfer payments. D) plus sales taxes.
A
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Anna's Antiques expects to get three bidders for the unique china teacup it sells. Each of the bidders can either have a high-value of $100 or a low-value of $70 with equal probability .If three bidders show up at the auction, and two of the bidders are high-value, what would the winning price be?
a. Just above $100 b. $100 c. Just above $70 d. $70
Mountain bikers and rollerbladers share the only trail in a city park. The city allows everyone into the park and onto the trail. The mountain bikers say the rollerbladers are a hazard to them; the rollerbladers say it's the other way around. Frequently there are collisions, and many injuries occur. What is the property rights problem?
a. Rollerbladers do not have mountain bikes. b. Bikers do not have rollerblades. c. No one owns both bikes and blades. d. No one has property rights to the use of the trail. e. No one owns the park.