Which one of the following techniques would most likely be used to estimate the value of preservation of a remote arctic wildlife preserve?
a. Hedonic pricing
b. Travel cost method
c. Production function valuation
d. Engineering cost valuation
e. Contingent valuation
Ans: e. Contingent valuation
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Discretionary monetary policy is defined as policy
A) that is based on the judgments of policymakers. B) for which the markets make all decisions. C) that is pursued regardless of the current state of the economy. D) that responds to a changing economy with predetermined rules. E) for which the policymaker always publicizes the policy as extensively as possible because its effectiveness depends on the public's knowledge of the policy.
The term "relative price" is used to refer to how the current price of a good or service compares to the price of the same item in the previous time period
Indicate whether the statement is true or false
The Jones family sells peaches at market price. Which of the following explains why they do this?
a. many buyers and many sellers in their market b. few buyers and few sellers in their market c. few buyers and many sellers in their market d. many buyers and few sellers in their market
Refer to the above table. At a price of $15 per unit, which of the following would exist?
a. A shortage of 1,600 units b. A surplus of 600 units c. A shortage of 1,000 units d. A surplus of 1,000 units