The commercial value of ivory is a threat to the elephant, but the commercial value of beef is a guardian of the cow. This is because
a. the cow is raised in developed countries, while the elephant lives primarily in less-developed countries.
b. cows are private goods, while elephants tend to roam freely without owners.
c. cows and elephants are public goods, but ivory is nonrival.
d. ivory is nonrival and nonexclusive, but beef is rival and exclusive.
b
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According to the quantity theory of money, if M's growth is less than Q's, then
a. V falls b. V rises c. P stays the same d. P falls e. P rises
Figure 21-5 (a) (b) Refer to Figure 21-5. In graph (b), what is the price of good Y relative to the price of good X (i.e., PY/PX)?
a. 3 b. 1 c. 10 d. 1/3
All things equal, the price elasticity of supply:
A. will be greater in the short run than in the long run. B. will be greater in the long run than in the short run. C. is the same for the short run and the long run. D. approaches zero in the long run.