Haiti was once a heavily forested country. Today, 80 percent of Haiti's forests have been cut down, primarily to be burned to create charcoal. The reduction in the number of trees has lead to devastating floods when it rains heavily
This is an example of
A) human greed.
B) the consequences of not having a market economic system.
C) the tragedy of the commons.
D) tragic externalities.
C
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Which of the following is an example of natural monopoly?
A) cellular phone companies in a large city B) local water utility companies C) major league sports franchises in the largest cities D) All of the above are natural monopolies.
Comment on the following statement: "The shape of the long-run average cost curve is determined by diminishing returns."
What will be an ideal response?
Why specialize?
A) because assigning each worker a variety of tasks makes her more productive B) It usually increases productivity. C) to decrease our dependence on each other D) There is no economic rationale for specialization.
The largest component of M1 is
A) currency and coins. B) traveler's checks. C) transaction deposits. D) time deposit.