Bonnie is debating whether to take a job as a professional therapist or a florist. She will earn $40,000 a year as a therapist or $30,000 a year as a florist. If she chooses to be a therapist, the opportunity cost is

According to the Coase theorem, in order to solve a negative externality problem efficiently,

a. the property right must be assigned to the party with the least-cost alternative b. the property right must be assigned to the victim of pollution c. transaction costs must be high d. transaction costs must be low e. property rights must be determined by the courts

One country will have a comparative advantage over another if its production possibilities a. frontier is higher

b. curve has a different slope. c. curve lies closer to the origin. d. curve lies farther from the origin.