The profit motive that stems from private ownership means that elephant populations are best protected as common resources
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following explains why monopolists lack allocative efficiency?
a. Because they produce at the quantity where P = MC b. Because they produce at the quantity where P > MC c. Because they invest too much in research and development d. Because they use intellectual property as barriers to entry
Which of the following countries began economic liberalization in the 1970s and have achieved an impressive record of economic growth since that time?
a. Venezuela and Zimbabwe b. China and Chile c. Mexico and Canada d. United States and Norway
Average labor productivity equals:
A. average production per year. B. output per person. C. total output. D. output per employed worker.
The costs borne by an individual victim of theft can diverge from the social costs if the
A. stolen items were destroyed by the thief. B. stolen items were covered by insurance. C. stolen items were priceless. D. all of the options are correct.