The ocean remains one of the largest unregulated resources for each of the following reasons except
a. many countries have access to the ocean.
b. it is difficult to get international cooperation among countries that hold different values.
c. the oceans are so vast that enforcing any agreements would be difficult.
d. All of the above are reasons the ocean remains one of the largest unregulated resources.
d
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Consider a perfectly competitive market experiencing good times. In the short run, the equilibrium price will ________ and firms will earn a(n) ________
A) increase; economic profit as the new price exceeds average total cost B) increase; normal profit as the new price exceeds average total cost C) decrease; economic loss as new firms enter the industry D) decrease; economic profit as firms exit the industry E) may increase or decrease; normal profit depending on their costs
Look at the following data: personal income = $4,900 billion; personal taxes = $900 billion; transfer payments = $980 billion. What is disposable income?
A) $3,200 billion B) $4,000 billion C) $4,980 billion D) $1,880 billion E) There is not enough information to answer the question.
Junie is shopping for dinner. She picks up a package of hot dogs on sale, instead of the burgers she was intending to buy. She then heads over to buy a package of hot dog buns. Junie's change in the demand for hot dog is due to a change in:
A. Junie's preferences. B. Junie's income. C. the price of related goods. D. Junie's expectation of future prices.
Without a change in discretionary fiscal policy, we would expect that if the economy goes into recession, then the:
A. Cyclically-adjusted deficit and the actual deficit would both increase B. Cyclically-adjusted deficit and the actual deficit would both decrease C. Cyclically-adjusted deficit would stay the same while the actual deficit would increase D. Cyclically-adjusted deficit would increase while the actual deficit would stay the same