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Choose 1 question to answer in 1-2 pages. The majority of the response should be based on information from the textbook Essentials of Economics R. Glenn Hubbard and Anthony Patrick O’Brien, 2019 ISBN.13: 978-0-134-79773-1 1. Define the term “property rights” and explain why the lack of well-defined and enforceable property rights is detrimental to the smooth functioning of a market system. 2. Describe the correct and incorrect economic analysis in the following statement: “The United Auto Workers Union has successfully negotiated a 9 percent increase in wages for its workers. This increase in the wage rate causes an increase in demand for automobiles, since many consumers now have greater incomes, and also a decrease in the supply of automobiles because the cost of production has increased. These effects cancel each other out, resulting in no change in equilibrium price and quantity in the automobile market.” 3. Some environmentalists have criticized tradable emission allowances on the grounds that they give permit holders a license to pollute. Furthermore, environmentalists argue that those who sell their permits receive a monetary benefit from their contribution to polluting the environment. Use economic reasoning to evaluate this criticism.

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