Which of the following is a good example of a trade-off?
A) The government pleases environmental
activists by preserving public lands but also
pleases ranchers by allowing them to rent
public lands for grazing purposes.
B) The government pleases environmental activists
by reintroducing wolves to Yellowstone
National Park but angers ranchers by placing
their cattle in danger.
C) The government pleases oil companies by
allowing them to drill on lands set aside for
conservation but allows environmental activist
groups to protest the drilling operations.
D) Groups that represent a variety of conflicting
interests are all allowed to protest outside
Congress and the White House.
Answer: A) The government pleases environmental
activists by preserving public lands but also
pleases ranchers by allowing them to rent
public lands for grazing purposes.
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Other things constant, if domestic consumers purchase fewer foreign goods at each level of GDP, in the short run
A. foreign countries' GDP will rise. B. GDP will fall. C. GDP will rise. D. there will be no change in GDP in this country.
At a product's equilibrium price
A) anyone who needs the product will be able to buy the product, regardless of ability to pay. B) not all sellers who are willing to accept the price will find buyers for their products. C) the federal government will provide the product to anyone who cannot afford it. D) any buyer who is willing and able to pay the price will find a seller for the product.
In the national income accounts, investment includes: a. expenditures on durable consumer goods. b. government construction of a new dam
c. additions to business inventories. d. purchases of used machinery by businesses.
A vertical long-run Phillips curve is a vertical straight line at the natural rate of unemployment.
Answer the following statement true (T) or false (F)