Mountain bikers and rollerbladers share the only trail in a city park. The city allows everybody 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. Which of the following ways of dealing with the problem does not implicitly grant someone a
property right?
a. Allow bikers to use the trail on odd-numbered days and rollerbladers to use it on even-numbered days.
b. Allow bikers to use the trail in the morning and rollerbladers to use it in the afternoon.
c. Allow only bikers in the park because they have invested in the more expensive sports equipment.
d. Kick everybody out of the park.
e. Build another trail, put rollerbladers on one and bikers on the other, and give bikers the right-of-way at intersections.
D
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The Solow residual attempts to measure the amount of output not explained by
A) technological progress. B) the direct contribution of labor and capital. C) economic projections. D) the amount of a nation's human capital.
According to the new classical system,
a. an anticipated change in aggregate demand will cause labor suppliers to make price forecast errors and will, therefore, affect output and employment. b. anticipated changes in aggregate demand will not affect output and employment because labor suppliers have perfect information about the price level. c. unanticipated changes in aggregate demand will shift both the aggregate demand schedule and the aggregate supply schedule. d. both b and c. e. None of the above