Refer to Common Property I. The efficient level of production and consumption on the common property is
a. zero.
b. Q1.
c. Q2
d. cannot be determined from the graph.
c. Q2
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The price elasticity of demand is always positive, as is the price elasticity of supply. Is the cross elasticity of demand always positive? Explain your answer
What will be an ideal response?
The price elasticity of demand for business air travel is .80 and the price elasticity of demand for leisure air travel is 1.60. Therefore, the demand for leisure air travel
A. is less elastic than the demand for business travel. B. is inelastic. C. is more elastic than the demand for business travel. D. is unrelated to consumers' incomes.
How well did the Federal Reserve Banks perform during the Great Depression?
(A) The Chair of the Board of Governors made bad decisions and directed the Federal Reserve Banks to act in harmful ways. (B) The Federal Reserve System skillfully guided the United States economy out of the Great Depression. (C) Individual governors of the Federal Reserve Banks disagreed over policy and were unable to stop the depression. (D) The Great Depression took place before the Federal Reserve System was established.
Refer to the information provided in Scenario 22.4 below to answer the question(s) that follow.SCENARIO 22.4: In a randomized 1-year trial of 400 Mr. Lincoln hybrid tea rose bushes with rose rosette disease, 200 are slated to receive only a sulphur treatment (we will call this Group A), and the other 200 are slated to receive the sulphur treatment and an additional neem oil treatment 4 months later (we will call this Group B). Assume that the neem oil treatment is ineffective in treating rose rosette disease, so on average, the same proportion of rose bushes in each group will die of the disease. In Group B, 25 of the 200 rose bushes die in the 4-month period leading up to the neem oil treatment. Of the 175 bushes left, 25 die in the 8 months following the neem oil treatment. Since we
know the neem oil treatment is ineffective, the rose bushes in Group A will, on average, suffer the same fate as those in Group B, with 25 bushes dying in the first 4 months and another 25 dying in the following 8 months.Related to the Economics in Practice on p. 727: The Moving to Opportunity program offered to A. subsidize the health care costs of low-income individuals. B. move children of low-income households to schools in higher-income neighborhoods. C. randomly selected families living in high-poverty housing projects housing vouchers that they could use to move to lower-poverty neighborhoods. D. pre-selected families living in high-poverty housing projects housing vouchers that they could use to move to lower-poverty neighborhoods.