Montana cattle ranchers are complaining about mountain state sheep ranchers whose animals are eating too much grass on the open range. The sheep ranchers claim that the cattle are eating too much of the grass. This is an example of
a. an external benefit.
b. the reciprocal nature of externalities.
c. the principal agent problem.
d. a situation in which strict liability would be the more efficient solution.
b. the reciprocal nature of externalities.
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Which of the following statements is true?
A) Using fewer observations will strengthen the force of an empirical argument. B) The number of observations used does not affect the strength of an empirical argument. C) Empirical arguments can be supported without the use of data. D) Using a large data set will strengthen the force of an empirical argument
Individuals who are under the age of 16 can sometimes be out of work, but they are still not included among the unemployed
a. True b. False Indicate whether the statement is true or false
If the percentage change in quantity demanded divided by the percentage change in price equals 1, then
a. supply is inelastic b. supply is elastic c. demand is elastic d. demand is inelastic e. demand is unit elastic
What is the present value of? $100 two years from now at an interest rate of? 6%?
A) $6
B) $89
C) $94.34
D) $106