Answer the following statement true (T) or false (F)
1) Weak property rights encourage faster extraction than would otherwise maximize the long-
term stream of profits.
2) Elephants are moving closer to extinction in places where they are treated as private
property.
3) The economic benefits of forests include provision of wildlife habitats, erosion prevention, and
oxygen production.
4) In the United States and parts of Western Europe, the amount of land covered by forests is
increasing.
1) T
2) F
3) T
4) T
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Which of the following statements is true?
a. Goods are scarcer than services in an economy. b. Goods are scarce for neither the poor nor the rich. c. Goods are scarce for both the poor and the rich. d. Goods are scarce for the poor but not for the rich. e. Goods are scarce for the rich but not for the poor.
According to Scenario 4-1, country B is running a:
a. trade deficit with country A and a trade surplus with country C. b. trade surplus with both countries A and C. c. trade surplus with country A and a trade deficit with country C. d. trade deficit with both countries A and C. e. balanced trade with country A and a trade deficit with country C.
In 1913, the Ford Motor Company decided to pay its employees $5 a day. This wage was significantly higher than what any other organization offered. Henry Ford believed that this wage would make his employees happier, increase their productivity, and lower employee turnover. Economists would say that Mr. Ford offered his employees
a. a union. b. an efficiency wage. c. a diminishing rate of marginal return. d. a leisure wage.
One reason stagflation is difficult to recover from is because:
A. less output requires less inputs to be hired. B. prices tend to adjust more quickly downward than upward. C. wages are sticky downward. D. input prices increase with output prices.