The proposition that if property rights are well defined and there are no transaction costs, an efficient allocation of resources will result even if externalities exist, is known as __________________

Information supplied to consumers by the government rarely ever helps in making better decisions

a. True b. False Indicate whether the statement is true or false

If $1 U.S. was equivalent to 112 Japanese yen in 2008 and 83 Japanese yen in 2009, it implies that the: a. U.S. dollar depreciated against the yen in 2009

b. U.S. dollar appreciated against the yen in 2009. c. Japanese yen depreciated against the U.S. dollar in 2009. d. Japanese yen weakened against the U.S. dollar in 2009.