Which of the following is true about renewable natural resources?
a. They are a type of land resource such as oil, coal, and natural gas that has a fixed stock.
b. They are a type of capital resource such as air filtration systems in buildings that renew and refresh polluted air from the outside.
c. They are a type of land resource such as forests, range-lands, and marine fisheries that naturally regenerate and thus can tolerate a sustained harvest, but can be depleted from excessive harvest.
d. They are a type of capital resource such as irrigation networks and wastewater treatment plants that utilize water.
c
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Compare and contrast the two normative standards to income distribution discussed in the text: The productivity standard and the egalitarian principle
What will be an ideal response?
For which of the following is demand likely to be the most price elastic?
a. a good for which there are no close substitutes b. a good for which there are no easily-obtained substitutes c. a good with close substitutes that are difficult to obtain d. a good that is no longer being produced e. a good for which close substitutes are easily obtained
A difference between a monetary regime and monetary policy is that a monetary regime:
A. has more flexibility while monetary policy is a predetermined response. B. is a predetermined response while a monetary policy has more flexibility. C. depends on the economic conditions while the monetary policy does not. D. is not favored while monetary policy is.
Which of the following is an example of the life-cycle motive for saving?
A. Jordan sets aside $200 per month in case she has to pay for a new roof for her house. B. Chris keeps $15,000 in a money market account to pay expenses in case he loses his job. C. Pat puts $400 per month in his 401(k) retirement account. D. Gerry and Terry put $2,000,000 in a trust fund that will go to their children when they die.