Property rights will help ensure efficient use of a common resource like fisheries, since:
a. property rights can be used to make a good excludable.
b. property rights can be used to make a good nonrival.
c. property rights will eliminate any negative externality arising from the use of a resource.
d. the marginal social cost will be reduced.
Ans: a. property rights can be used to make a good excludable.
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Which of the following businesses have limited liability?
A) Mainline Texaco, a gas station downtown with Frank Jones as proprietorship B) Fakker, Chayse, and Blaimm, partners in medical malpractice law C) StrideRite Shoe Company, Inc., a corporation that produces shoes D) Both answers B and C are correct.
As the payments system evolves from barter to a monetary system,
A) commodity money is likely to precede the use of paper currency. B) transaction costs increase. C) the number of prices that need to be calculated increase rather dramatically. D) specialization decreases.