Why has the value of ivory threatened the extinction of the elephant, whereas the value of beef has enhanced the survival of the cow?
a. Cows are a common resource, whereas elephants are owned by governments.
b. Elephants are larger than cows, requiring more economic resources.
c. Elephants live in Africa, where economic resources are scarce.
d. Elephants are a common resource, whereas cows are privately owned.
d
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Refer to Figure 4.1. The income effect of the price change in food on the quantity of food purchased is:
A) the change from F3 to F1. B) the change from F3 to F2. C) the change from F2 to F1. D) the change from F1 to F2. E) none of the above
Which of the following is not generally considered a market failure?
a) public goods b) missing markets c) the undesirable distribution of income d) monopoly e) allocation of resources based on price
How could the existence of an unemployment insurance system or other transfer programs have reduced the severity of the Great Depression?
What will be an ideal response?
Another example of a personal channel is ___, which is generating positive word-of-mouth discussion
Fill in the blank(s) with the appropriate word(s).