To economists, games are:
A. situations in which individuals act against their own interest for fun.
B. any situation in which players pursue strategies designed to achieve their goals.
C. just recreational pursuits like chess, Monopoly, or poker.
D. None of these statements are true.
Answer: B
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The effective owner of a resource is the person who
A) can appropriate the income that arises from selling the services of the resource. B) enjoys physical possession of the resource. C) has legal title to the resource. D) has mixed the resource with individual effort to create private property.
Consider a housing development built near an existing airport. After the houses are occupied, homeowners complain that the airport imposes a negative externality on them and it should be moved or otherwise limited
Is the airport a negative externality? A) No, the airport was there first. B) No, if the original property values reflect the costs imposed by the airport. C) No, airports are government entities and therefore don't impose costs on individuals. D) Yes, the airport's noise should be curtailed for the well-being of the homeowners.