Scientists have said for years cod was so seriously overfished in European Union waters that there was a risk of extinction due to stock collapse. Why would cod be on the risk of extinction?
A) Fishing in the sea for cod is an example of a public good.
B) Fishing in the sea for cod is an example of a common resource.
C) Fishing in the sea for cod is an example of a private good.
D) Fishing in the sea for cod is an example of a natural monopoly.
B
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After long hair for men became popular, barbers found that their incomes fell. In an attempt to boost their incomes, many barbers raised the price of a haircut and yet their total revenue fell even more. What can explain this result?
A) The demand for haircuts by barbers is elastic because of many substitutes. B) The demand for haircuts by barbers became inelastic after the increase in price. C) Haircuts are inferior products. D) The demand for haircuts by barbers is inelastic because most people need haircuts. E) None of the above can explain the phenomenon.
If net exports are negative
A) net foreign investment is positive. B) capital inflows must be less than capital outflows. C) net foreign investment is also negative. D) Both A and B are correct.
In the model of monopolistic competition, an increase in industry output will ________ market shares and ________ profits of producers of higher-priced goods and will ________ market shares and ________ profits of producers of lower-priced goods
A) reduce; reduce; increase; increase B) increase; increase; reduce; reduce C) increase; reduce; increase; reduce D) reduce; increase; reduce; increase E) reduce; increase; increase; reduce
When residents surrounding an airport complain about noise from aircraft landings and takeoffs, the relevant economic analysis is that of
a. externalities. b. equality-efficiency trade-off. c. comparative advantage. d. the cost decrease of the service sector. e. the cost disease of personal services.