How are depletion and pollution mirror images of the same problem?
What will be an ideal response?
Whereas depletion refers to taking too much good stuff out of the environment and pollution refers to putting too much bad stuff into the environment, they both occur due to similar circumstances. Depletion and pollution both occur due to poorly-defined property rights allowing the polluters or depleters to force others to share their costs.
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A problem that exists when naturally occurring incentives encourage sufficient numbers of people to act in a way that makes everybody worse off is called a
A) zero-sum problem. B) cause-and-effect problem. C) collective action problem. D) trade-off.
Harry works at the video rental store for 20 hours per week. He's asked his boss to allow him to work 40 hours per week, but has been told that business is too slow. Harry is considered
A) a discouraged worker. B) an involuntary part-time worker. C) a marginally attached worker. D) not in the labor force. E) a job seeker.
Exhibit 7-15 Long-run average cost
In Exhibit 7-15, economies of scale exist up to:
A. 500 units of output per week. B. 1,000 units of output per week. C. 1,500 units of output. D. 2,000 units of output.
Which of the following is most important if the living standards of people residing in a country are going to improve?
A. growth of population B. growth of per capita GDP C. growth of the money supply D. growth of government expenditures as a share of GDP