List three ways government can reduce depletion of an endangered resource. Which of these ways requires the least amount of management, monitoring, and bureaucracy?
What will be an ideal response?
Government can restrict access to the resource, it can leave access open but restrict the intensity of its use, and it can assign absolute property rights to the resource. Assigning absolute property rights requires the least amount of management, monitoring, and bureaucracy.
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Game theory is distinctive in that its elements are
A) costs, prices, and profits. B) revenues, elasticity, and profits. C) rules, strategies, payoffs, and outcomes. D) patents, copyrights, and barriers to entry.
If a profit-maximizing manager is provided a forecast regression with a R2 equal to 1.00, this allows the manager to produce where ________ marginal revenue is ________ the marginal cost.
A) actual; equal to B) expected; greater than C) expected; equal to D) actual; greater than
When MFC > MRP, a firm in a competitive market will
A) stop hiring. B) hire more workers. C) earn additional profits. D) layoff workers.
According to Friedman, people behave differently with respect to the different kinds of incomes they earn. For example, the MPC in 2002 is associated with their _________ income earned in 2000 . The difference between the income earned in 2001, and that income in 2002 is called ___________ income
a. relative; absolute b. absolute; relative c. permanent; transitory d. transitory; permanent e. transitory; transitory