Suppose that in Australia, the government allows private ownership of chickens but not of cows. If the people of Australia permanently increase their desire to purchase more chicken and beef, in the long run, we would expect
a. the population of chickens to rise and the population of cows to fall.
b. the population of cows to rise and the population of chickens to fall.
c. the populations of both chickens and cows to increase.
d. both chickens and cows to become extinct in Australia unless the government places the animals on the endangered species list.
A
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Following the balance of payments ________.
A. allows us to track changes in trade flows, but not financial assets B. is useful for understanding a country's relationships with its trading partners C. is not helpful because the balance of payments is always zero D. helps predict when an economy will be in a recession
The worth of __________ tend(s) to be undervalued in our society
a. Internal exchanges b. Abundance c. Scarcity and risk d. Tangible goods
The price system is constantly sending __________ and ___________ thousands of signals.
Fill in the blank(s) with the appropriate word(s).
According to the Weber-Fechner law, when the change in a stimulus is small in proportion to the original stimulus, the perceived size of the change will be:
A. small. B. large. C. greater than one. D. impossible to determine.