For endangered species, the federal government
A) can only protect the animal on federal property because of common property issues.
B) has the right to regulate activities on private land to save the species from extinction.
C) turns over the protection of an endangered species to the state authorities where the species lives.
D) will capture a pair of animals so that the species does not become extinct.
Answer: B
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When a firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is __________ and the firm is experiencing __________ .
A) upward sloping; diseconomies of scale
B) downward sloping; constant returns to scale
C) downward sloping; economies of scale
D) horizontal; constant returns to scale
If the pound-dollar exchange rate is 2 pounds per dollar, what is the rate of dollars per pound?
a. 4 dollars/pound b. 2 dollars/pound c. 5 dollars/pound d. 0.50 dollars/pound e. 2.50 dollars/pound
Rents can be derived from any factor used in production
Indicate whether the statement is true or false
President Obama is hoping to increase the federal minimum wage to $10.50 per hour. Use a diagram to illustrate the effect this increase would have on unskilled labor if:1) demand for labor is nearly vertical.2) demand for labor is very elastic 
What will be an ideal response?