Which of the following policies could be used to move the open-access equilibrium (OAE) of a common property fishery to the maximum economic yield (MEY)?
a. Quotas
b. Individual tradeable quotas or permits
c. License fees
d. All of the above.
e. None of the above.
Ans: d. All of the above.
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Which of the following is true if the price of coffee increases?
a. The demand for tea, a substitute good, will decrease. b. The demand for coffee will increase. c. The demand for coffee and tea will decrease. d. Both the demand for coffee and tea will increase. e. The demand for tea, a substitute good, will increase.
According to the table shown, what happened to the cost of living from 2013 to 2014? The cost of living:
A. increased; consumers became worse off than they would have been if the price level had not changed.
B. decreased; consumers became worse off than they would have been if the price level had not changed.
C. increased; consumers became better off than they would have been if the price level had not changed.
D. decreased; consumers became better off than they would have been if the price level had not changed.
If an economy's population grows at 3 percent and real GDP grows at 3 percent, then:
a. per capita real GDP is declining. b. the economy's standard of living is increasing. c. per capita real GDP is negative. d. per capita real GDP is constant. e. the economy is experiencing unemployment.
Which of the following is not among the factors that could shift the supply of pounds curve? You may assume all other factors are held constant
a. A change in U.S. real GDP. b. A change in British real GDP. c. An increase in the U.S. interest rate. d. A change in British tastes for American goods. e. An increase in the U.S. price level.