5:38 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit D Question 50 1 pts This question tests your understanding of externalities. Here are four statements about how transaction costs and property rights may eliminate externalities. The HIGHER are transaction costs, the more likely that externalities would be eliminated through negotiation among interested parties. The LOWER are transaction costs, the more likely that externalities would be eliminated through negotiation among interested parties. The LESS clearly defined are property rights, the more likely that externalities would be eliminated through negotiation among interested parties. IV The MORE clearly defined are property rights, the more likely that externalities would be eliminated through negotiation among interested parties. Choose the correct option from the list below. O Only II and IV are true. Only I and IV are true. O Only I and Ill are true. O Only II and Ill are true.5:38 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit O Only I and Ill are true. O Only II and Ill are true. D Question 51 1 pts This question tests your understanding of externalities. Economic analysis suggests that we can internalize externalities by O making ownership rights explicit O allowing mergers between firms O promoting the emergence of markets O all items in this list O recognizing and enforcing rules regarding the use of common property resources D Question 52 1 pts This Question tests your understanding of the economics of international trade. Ceteris paribus, which country would you expect to rely MORE on foreign trade as a percentage of5:38 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit O recognizing and enforcing rules regarding the use of common property resources D Question 52 1 pts This Question tests your understanding of the economics of international trade. Ceteris paribus, which country would you expect to rely MORE on foreign trade as a percentage of their economic activity? (BE CAREFUL!) Sweden The United States of America D Question 53 1 pts This Question tests your understanding of the economics of international trade. Which statement about international trade is FALSE? O International trade has become relatively more important as transaction costs have fallen. International trade has lowered living standards for most Americans. O International trade has become relatively more important as transport costs have fallen.5:38 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit D Question 53 1 pts This Question tests your understanding of the economics of international trade. Which statement about international trade is FALSE? International trade has become relatively more important as transaction costs have fallen. O International trade has lowered living standards for most Americans. O International trade has become relatively more important as transport costs have fallen. D Question 54 1 pts This Question tests your understanding of the economics of international trade. Specialization and trade both within countries and among countries may be explained with reference to a difference in comparative advantage among producers the existence of economies of scale in production O both I and II Only II O Only I5:38 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit D Question 55 1 pts This Question tests your understanding of the economics of international trade. Consider two different rates for a tariff (tax) on imports of good X. Which rate would be HIGHER? The rate that maximized tax revenue for the government. O The rate that effectively prohibited all imports of the good X. D Question 56 1 pts Question 56 tests your knowledge of two distinguished figures of the Scottish Enlightenment. 56. Who is the author of this passage? "The difference of natural talents in different men, is, in reality, much less than we are aware of; and the very different genius which appears to distinguish men of different professions, when grown up to maturity, is not upon many occasions so much the cause, as the effect of the division of labour. The difference between the most dissimilar characters, between a philosopher and a common street porter, for example, seems to arise not so much from nature, as from habit, custom, and education." A Adam Ferguson B Adam Smith5:38 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit D Question 56 1 pts Question 56 tests your knowledge of two distinguished figures of the Scottish Enlightenment. 56. Who is the author of this passage? "The difference of natural talents in different men, is, in reality, much less than we are aware of; and the very different genius which appears to distinguish men of different professions, when grown up to maturity, is not upon many occasions so much the cause, as the effect of the division of labour. The difference between the most dissimilar characters, between a philosopher and a common street porter, for example, seems to arise not so much from nature, as from habit, custom, and education." A Adam Ferguson B Adam Smith OB OA D Question 57 1 pts 57. David Ricardo's theory of comparative cost (what we call comparative advantage) to explain specialization and trade is an example of5:38 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit OA D Question 57 1 pts 57. David Ricardo's theory of comparative cost (what we call comparative advantage) to explain specialization and trade is an example of A deductive reasoning B inductive reasoning OA OB D Question 58 1 pts 58. Which sort of skill cannot be transferred from person to person and must be learned anew by each worker and each generation? A economies of practice B learning by doing A5:39 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit D Question 58 1 pts 58. Which sort of skill cannot be transferred from person to person and must be learned anew by each worker and each generation? A economies of practice B learning by doing O A OB D Question 59 1 pts 59. Who is the author of this passage? 'Every step and every movement of the multitude, even in what are termed enlightened ages, are made with equal blindness to the future; and nations stumble upon establishments, which are indeed the result of human action, but not the execution of any human design." A Adam Ferguson B Adam Smith O B5:39 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit OB D Question 59 1 pts 59. Who is the author of this passage? "Every step and every movement of the multitude, even in what are termed enlightened ages, are made with equal blindness to the future; and nations stumble upon establishments, which are indeed the result of human action, but not the execution of any human design." A Adam Ferguson B Adam Smith OB OA D Question 60 1 pts 60. Here are four statements, each of which may be true or false. Choose the correct statement(s). (Choose one or more.) A Economists distinguish between pecuniary and non-pecuniary externalities. B An externality could be both pecuniary and non-pecuniary.5:39 PM Sun Jul 30 .1 5GW @ 20% Take Quiz Exit O A D Question 60 1 pts 60. Here are four statements, each of which may be true or false. Choose the correct statement(s). Choose one or more.) A Economists distinguish between pecuniary and non-pecuniary externalities. B An externality could be both pecuniary and non-pecuniary. C An event could cause both a negative externality for one group of people and a positive externality for another group. O A OB OC No new data to save. Last checked at 5:38pm Submit Quiz