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1 Nov 2018

If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual photos of every item for sale to be posted instead of a manufacturer

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Related questions

When individuals and businesses are permitted to trade freely over a larger market area,
a. wages will decline to the level of the poorest country in the region.
b. the monopoly power of business firms will increase.
c. they will be able to produce a larger output and consume a more diverse bundle of goods.
d. businesses will be able to earn higher profits, but the income levels of individuals will decline

Consider a piece of property that is jointly owned by two individuals (owner 1 and owner 2€), each of whom owns a one-half share. Suppose that in order to sell owner 1 requires $3,000 for his half share, but owner 2 requires $6,000 for her half share. A buyer arrives and offers $10,000 for the entire piece of jointly owned property.

If the two owners can bargain with each other at no cost, will a sale occur between the owners and the buyer in this case (assuming both owners have to give their consent)? (Enter Yes€ or No€)

Suppose instead that the two owners cannot bargain with each other (for example, they are a divorcing couple).

If each is entitled to one-half of the sale proceeds, will a sale occur in this case? (Enter Yes or No)

Assuming sale proceeds would be equally split between owner 1 and owner 2, is it Pareto efficient for owner 1 to force the sale of the entire parcel of jointly owned property, provided the law provided him with a right to do so? (Enter Yes€ or No€)

Assuming sale proceeds would be equally split between owner 1 and owner 2, is it Kaldor-Hicks efficient for owner 1 to force the sale of the entire parcel of jointly owned property, provided the law provided him with a right to do so? (Enter Yes€ or No€)

If expansionary taxation policies encourage growth, are they always appropriate to implement? 
 
(i) Yes, the private sector can easily and affordably replace all services and facilities cut by the government. 
(ii) Yes, the government will still ensure that individuals and businesses continue to receive all necessary services.
(iii) No, government services could create inflation, which decreases the purchasing power of consumers. 
(iv) No, government services could be reduced and cause serious problems for individuals and businesses.

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