A local forest provides habitat for deer that are harvested by hunters. The hunters receive what type of benefit in this case?
a. Direct use value
b. Indirect use value
c. Option value
d. Bequest value
e. Existence value
Ans: a. Direct use value
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Refer to Figure 6-10. A unit-elastic supply curve is shown in
A) Panel A. B) Panel B. C) Panel C. D) Panel D.
Expansionary fiscal policy that raises the budget deficit may:
A. increase business investment by reducing interest rates. B. reduce business investment by reducing interest rates. C. increase business investment by increasing interest rates. D. reduce business investment by increasing interest rates.
Comparing various exchange systems, which system offers a nation the least control over monetary policy?
A) flexible exchange rates and a closed economy B) a closed economy C) an open nonpeg D) an open peg
A schedule which shows the various amounts of a product producers are willing and able to produce at each price in a series of possible prices during a specified period of time is called:
a. Quantity supplied b. Supply c. Quantity demanded d. Demand