The tragedy of the commons is the tendency of a society to overuse and deplete open-access resources
Indicate whether the statement is true or false
TRUE
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TheWall Street Journalreports that “hard times aid poultry companies as people eat cheaper fowl.” In the language of economists, this means
A. chicken is an inferior good. B. chicken has a negative substitution effect. C. chicken has a positive substitution effect. D. people’s tastes change during recessions. E. chicken has a positive income effect.
Which of the following is not an example of a country's infrastructure?
a. Educational system b. Political system c. Communications system d. Transportation system
An increase in the reserve deposit ratio, ?, will most likely have which of the following effects?
A) a rightward shift in the IS curve B) a leftward shift in the IS curve C) an upward shift in the LM curve D) a downward shift in the LM curve
Indonesia's opportunity cost of producing bananas is
A. 2.5 units of rice. This is higher than India's opportunity cost of producing bananas. B. 2.5 units of rice. This is lower than India's opportunity cost of producing bananas. C. 2/5 units of rice. This is higher than India's opportunity cost of producing bananas. D. 2/5 units of rice. This is lower than India's opportunity cost of producing bananas.