Answer the following statements true (T) or false (F)
1. A fishery collapse happens when a fishery's population grows faster than fish can be
harvested.
2. Encouraging conservation is especially difficult in the open ocean where it is impossible to
either define or enforce property rights over fish.
3. One of the worst systems for encouraging conservation of fisheries is the combination of
totally allowable catch (TAC) with individual transferable quota (ITQ).
4. Studies by economists indicate that economic growth and rising living standards are good for
the environment because as societies get richer, they tend to spend more on things that
improve environmental quality.
5. Labor's share of income earned by Americans is smaller than the share of capital.
1. FALSE
2. TRUE
3. FALSE
4. TRUE
5. FALSE
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Refer to the scenario above. If each family pays 12% of its income as tax every year, the local government follows a(n) ________ tax system
A) cardinal B) ordinal C) progressive D) proportional
The ability of a firm or country to produce a good or service at a lower opportunity cost than other producers is called absolute advantage
Indicate whether the statement is true or false
Suppose that the interest rate on a conventional 30-year mortgage is currently 8%. You receive a call from a mortgage broker who offers you a 30-year adjustable rate mortgage at 2% that is adjusted once each year. Evaluate each mortgage in terms of the following: risk that the monthly payment will change over the next 30 years and interest-rate risk.
What will be an ideal response?
In terms of the stock market, systematic risk refers to the fact that
A) some stocks have higher returns than others. B) some stocks' returns have a higher variance than others. C) all stock prices are correlated with the health of the economy. D) most stock prices are perfectly negatively correlated.