Beginning in the early 1990s, private landowners in Zimbabwe have started fencing in large areas of land that contain black rhinos, which were on the verge of extinction. These private owners charge fees for a stay at the lodges on the property (eco-tourism) and also sell hunting safaris and photo safaris. As a result,
a. the population of black rhinos has fallen substantially.
b. the population of black rhinos has increased.
c. many black rhinos are being poached.
d. the incomes of residents in Zimbabwe has fallen substantially.
B
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A recession is a period of time in which real GDP falls.
Answer the following statement true (T) or false (F)
If perfectly competitive firms exit a market, the
A) market supply curve shifts leftward. B) price of the good or service falls. C) profits of the remaining firms decrease. D) output of the industry increases.
Explain the difference between a change in the quantity demanded and a shift in the demand curve
What will be an ideal response?
Refer to Figure 8.5. An efficiency wage in this economy would be represented by a real wage of ________ and an employment level of ________
A) w1; L1 B) w1; L2 C) w2; L1 D) w2; L3