Which of the following goods is not excludable and not rival in consumption?

Ronald Coase was awarded the 1991 Nobel Prize in Economics primarily for addressing problems related to externalities. Which of the following describes Coase's work?

A) Coase argued that government intervention is necessary to achieve economic efficiency in markets that are affected by externalities. B) Coase proved that a competitive market achieved a greater degree of economic efficiency than a non-competitive market when externalities occur. C) Coase proved that economic efficiency cannot be achieved in a market that is affected by positive or negative externalities. D) Coase argued that under some circumstances private solutions to the problems of externalities will occur.

International Economists cannot discuss the effects of international trade or recommend changes in government policies toward trade with any confidence unless they know

A) their theory is the best available. B) their theory is internally consistent. C) their theory passes the "reasonable person" legal criteria. D) their theory is good enough to explain the international trade that is actually observed. E) their theory accounts for China's unique position in international trade.