Buffalo in the United States almost became extinct while cattle, an animal that provides similar products, never has been close to extinction. The difference is due to
A. cattle existing in Europe also while buffalo were specific to North America.
B. the use of private property rights on cattle and common property rights on buffalo.
C. the greater marginal value of a head of cattle relative to buffalo, leading to over-hunting of buffalo.
D. the greater marginal value of a buffalo relative to a steer, leading to the overharvesting of buffalo.
Answer: B
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a. economy A is producing less efficiently than economy B b. economy B is producing less efficiently than economy A c. economy A and economy B, although producing different combinations, grow at thesame rate because they are both fully employed d. economy A's growth rate will be higher than economy B's e. economy B's growth rate will be higher than economy A's
"Supporters of import restrictions and protectionist policies place greater weight on producer welfare than on consumer welfare." Comment
What will be an ideal response?
Which of the following is not an important contribution of the agricultural sector to overall development:
a. increasing national food supplies b. permitting foreign exchange earnings through imports c. allowing excess labor to flow to urban areas d. providing savings for industrial investment e. increasing the demand for manufactured goods g. All of the above are important contributions.
J-curve effects following a devaluation are simply a theoretical issue with no real world importance
Indicate whether the statement is true or false