Why is the commercial value of ivory a threat to the elephant, while the commercial value of beef is the cow's guardian?
a. Elephants live in Africa, whereas cows live in the United States.
b. Elephants are a common resource.
c. Cows are a common resource.
d. Cows are a public good.
b
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Explain and show graphically how an increase in incomes in the United States will affect equilibrium in the foreign exchange market?
What will be an ideal response?
A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
The broadest measure of the price level that includes all final goods and services is
A) the producer price index . B) the consumer price index. C) the GDP deflator. D) the wholesale price index.
For lunch, Ramon always eats either a slice of pizza or a hamburger. His weekly lunch budget is $48. Each hamburger costs $6 and each pizza slice costs $3. When deciding how much of each good to buy, Rick knows that 2 hamburgers and 4 pizza slices will give him a utility of 8. What is Ramon’s utility at his utility-maximizing point?
a. 32 b. 48 c. 40 d. 24