"The number of species on earth is decreasing drastically and economic development is the main factor for the problem." Do you agree or disagree? Why?
What will be an ideal response?
Disagree. First, it is unclear that the number of species on earth is decreasing drastically: While estimates of the number of species dying off are between a low of one every four years to a higher of 50,000 per year, many new species are discovered every year. Also, economic development itself is not the main factor for the extinction of many species. Instead, the main reason is related to the issue of property rights as most endangered species are common property, or property without property rights.
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A firm that produces chemical solvents creates some air pollution because of the emissions from its manufacturing facilities. A tax is imposed on the firm, equal to the costs of environmental damage caused by a unit of the emissions
What is the result? A) The quantity of chemical solvents produced now will be the efficient amount. B) Demand for the chemical solvents will increase. C) Demand for the chemical solvents will decrease. D) Consumers of the chemical solvents will be willing to pay the full amount of the tax, and so the quantity produced will be unaffected.
For a perfectly competitive firm,
a. P = MR at all output levels b. P = MR at the profit-maximizing quantity only c. P > MR at all output levels d. P < MR at the profit-maximizing quantity only e. P < MR at all output levels
Lindahl prices
A. result in efficient levels of public goods provision. B. require honest revelation of preferences. C. result in different prices for the same amount of output. D. cause all of these. E. none of these answer options are correct.
Price indexes are necessary for turning a time series measured in real value into nominal value.
Answer the following statement true (T) or false (F)