Why are cows and chickens less prone to becoming extinct?
a. They are usually consumed in huge numbers
b. They are mainly privately owned
c. They are a part of common resources
d. Poaching these animals for their meat is banned by the government
e. They are not used for commercial purposes
b
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Teachers often earn less than truck drivers because
a. teachers could switch to trucking more easily than truckers could switch to teaching b. trucking is a riskier occupation c. truckers require greater education d. teachers have more job mobility e. trucking has a higher social status
The economic principle of _________________ implies that the value of the subject property is determined by the price that market participants would pay to acquire a substitute property of similar utility and desirability,
Fill in the blank(s) with the appropriate word(s).
If social returns to the production of a good are less than private returns, then we can conclude that relative to the social optimum, the good will be
A) overproduced and underpriced. B) underproduced and overpriced. C) overproduced and overpriced. D) underproduced and underpriced.
The Endangered Species Act has
A. saved all endangered species without affecting anyone. B. caused a loss of economic activities on some private land. C. had no impact on either the number of endangered species or other economic activities. D. further reduced the number of endangered species.