Which country experiencing hyperinflation in excess of 15 billion percent in 2008?

A government policy of providing free public K-12 education is most consistent with

A) Pareto-efficiency. B) the First Theorem of Welfare Economics. C) the Second Theorem of Welfare Economics. D) the contract curve.

If production of an item results in negative external costs, then

A) the market price is below the socially preferred price that reflects the external costs. B) the market price is above the socially preferred price that reflects the external costs. C) market forces will always correct the problem. D) the market quantity is too low from society's point of view.