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) the greater marginal value of a head of cattle relative to buffalo, leading to over-hunting of buffalo.
B) the greater marginal value of a buffalo relative to a steer, leading to the overharvesting of buffalo.
C) cattle existing in Europe also while buffalo were specific to North America.
D) the use of private property rights on cattle and common property rights on buffalo.
Answer: D
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A) The tourists are typically less informed than the local customers. B) The tourists typically have fewer available alternatives compared to the local customers. C) The shop owners can usually identify tourists. D) For all of the above reasons.
Presumably, since the United States is a large country in many of its international markets, a positive optimum tariff exists for this country
It follows therefore that when any legislator or government official who promotes zero-tariff free trade policies, is by definition not acting in the public's best interest. Discuss.
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A) fall in (Y - T). B) rise in T. C) rise in c. D) fall in a.
According to the Taylor rule, which of the following will lead to a higher nominal federal funds rate?
A) an increase in inflation B) a positive output gap C) a positive inflation gap D) all of the above E) none of the above