In an attempt to reduce poaching of elephant tusks for ivory, officials in Kenya burned illegally gathered ivory. Economists tend to point out that
A. poaching can be reduced with price supports for ivory.
B. the supply of ivory has fallen, leading to an increase in price and reward for poaching.
C. burning ivory decreases demand, leading to lower prices and reward for poaching.
D. the demand for ivory is higher, leading to an increase in price and reward for poaching.
E. burning ivory raises demand, and controlled prices will lead to even greater poaching.
Answer: B
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Which of the following statements is true?
A) Hours of labor that go into producing a product is a better unit of account than paper money. B) When money is used as a yardstick to describe the price of various goods and services, it is serving as a store of value. C) The necessary condition required for money to function as a medium of exchange is that it also needs to be a store of value. D) One of the limitations of using money is that it does not allow for the transfer of purchasing power into the future.
The New Economy is one of
a. durable goods. b. services. c. information. d. manufacturing.
The market that coordinates the exchange of productive inputs between the household and business sectors is the
a. stock market. b. goods and services market. c. resource market. d. loanable funds market.
Banks can hold deposits at the Federal Reserve. Balances in these accounts can be used by banks to meet their reserve requirements, but the Fed pays no interest on these deposits
a. True b. False Indicate whether the statement is true or false