Simple measures such as ________________ can help overcome the problem of using up common resources.
a. laws regulating or banning usage
b. cap-and-trade emissions regulations
c. private property
d. explaining the tragedy of the commons
a. laws regulating or banning usage
Economists typically advocate simple devices like government-issued fishing licenses, harvest limits, and shorter hunting and fishing seasons. When the population of a species drops to critically low numbers, governments have even banned the harvest until biologists determine that the population has returned to sustainable levels.
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An individual who has stopped looking for a job because he is convinced that he cannot find a job is referred to as
A) a contingent worker. B) a productive worker. C) a discouraged worker. D) an unemployed worker.
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.
Figure 6.3 shows the cost structure of a firm in a perfectly competitive market. If the market price is $3 and the firm shuts down in the short run, its profit is:
A. -$300. B. -$600. C. -$900. D. -$1,200.
A monopolistic competitor behaving in a profit-maximizing way will
A) not advertise. B) advertise as much as it can in order to increase its sales. C) advertise to the point where the additional sales from advertising equal the additional marginal costs of the product. D) advertise to the point where the additional revenue from one more dollar of advertising just equals the extra dollar cost of advertising.