Changing the ownership of the ocean from common property to private property would
A) ensure that this resource would be allocated in a more efficient manner.
B) ensure that this resource would be allocated in a less efficient manner than under common property rights.
C) not be economically desirable.
D) result in no appreciable change in efficiency of utilization of this resource.
A
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Production points inside the production possibilities frontier
A) are unattainable. B) are attainable only with the full utilization of all resources. C) are associated with unused or misallocated resources. D) result in more rapid growth.
If positive externalities are present in the production of a good, then society will:
a. produce too much of the good since the marginal private benefit to consumers is less than the marginal social benefit. b. produce too little of the good since the marginal private benefit to consumers is greater than the marginal social benefit. c. produce too much of the good since the marginal private benefit to consumers is greater than the marginal social benefit. d. produce too little of the good since the marginal private benefit to consumers is less than the marginal social benefit.