Some nations are increasing the amount of land covered by forests, while others are experiencing rapid deforestation. According to economists, this is largely because:
A. different nations have different ethical views regarding treatment of the environment.
B. nations with increasing forest cover have poorly enforced or nonexistent property rights.
C. nations with declining forest cover treat forests as private property or strictly regulated
government property.
D. nations with increasing forest cover treat forests as private property or strictly regulated
government property.
Answer: D
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The law of diminishing returns states that as
A) the size of a plant increases, the firm's fixed cost decreases. B) the size of a plant increases, the firm's fixed cost increases. C) a firm uses more of a variable input, given the quantity of fixed inputs, the marginal product of the variable input eventually diminishes. D) a firm uses more of a variable input, given the quantity of fixed inputs, the firm's average total cost will decrease eventually.
The above table shows the short-run total product schedule for the campus book store. What is the average product (AP) of the 4th employee?
A) 58 books sold B) 14.5 books sold C) 18 books sold D) 13.3 books sold
The following is an example of risk aversion
a. those applying for a well-paid job tend to be unqualified b. more reckless drivers opt for cars with fewer safety devices c. the contractor with the lowest bid for a is the most qualified d. Initial Public Offerings (IPOs) seek investors when prospects look good
Normative economics is:
a. usually incorrect. b. a statement of fact. c. the analysis of what is. d. the study of what ought to be. e. free of value judgments.