A green pasture has turned barren due to overgrazing. This happened because the pasture was ________
A) excludable and rival
B) non-excludable and non-rival
C) excludable but non-rival
D) non-excludable but rival
D
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A problem encountered when implementing an "infant industry" tariff is that
A) domestic consumers will purchase the foreign good regardless of the tariff. B) the industry may never "mature." C) most industries require tariff protection when they are mature. D) the tariff may hurt the industry's domestic sales. E) the tariffs fail to protect the domestic producers.
As of October 2012, which of the following was true?
A) deposits of foreign governments and international organizations > bank reserves > currency in circulation B) currency in circulation > bank reserves > deposits of foreign governments and international organizations C) bank reserves > currency in circulation > deposits of foreign government and international organizations D) currency in circulation > deposits of foreign governments and international organizations > bank reserves
Country A experienced a growth rate of real GDP per person of 2.5 percent per year throughout the 1900's. In view of other countries' experiences during this time country A's growth was
a. exceptionally high. b. moderately high. c. moderately low. d. exceptionally low.
If a firm's long-run average total curve shows that it can produce 5,000 DVDs at an average cost of $2.00 and 15,000 DVDs at an average cost of $1.50, this is evidence of
A) diminishing returns. B) economies of scale. C) diseconomies of scale. D) the law of supply.