One reason that some whales were hunted close to extinction is that no one can claim ownership of a whale until it is killed. If property rights to the whale population were established:
a. then whales would surely be hunted to extinction.
b. the owners would have the incentive to ensure a sustainable yield of whales, so the whale population could recover.
c. no one would hunt whales.
d. the price of whales would be kept artificially low so that trade in whales would become unprofitable.
e. the whales would be hunted to extinction only when the price is high and it is profitable to trade in whales.
b
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In a 2-good model, suppose that all individuals have tastes that are quasilinear in either good 1 or in good 2 (with some of each represented in the group.) The quasilinearity of everyone's tastes is then sufficient to insure that we can treat the group as if it were a single representative consumer.
Answer the following statement true (T) or false (F)
All else held constant, as the variance of a payoff increases, the
A) expected value of the payoff increases. B) risk of the payoff increases. C) expected value of the payoff decreases. D) risk of the payoff decreases.
Compared to 1980, the top marginal federal income tax rate today is
a. substantially lower and the rate structure is less progressive than in 1980. b. substantially lower and the rate structure is more progressive than in 1980. c. substantially higher and the rate structure is less progressive than in 1980. d. substantially higher and the rate structure is more progressive than in 1980.
If leakages are less than injections, ceteris paribus:
(a) National income will increase. (b) National income will decrease. (c) National income will stay in equilibrium. (d) None of the above.