Elephant populations have:
A. expanded everywhere because of state control of elephant populations.
B. declined in countries where they are owned by local villages, and expanded where they are
owned by the state.
C. expanded in countries where they are owned by local villages, and declined where they are
owned by the state.
D. declined everywhere, regardless of whether property rights over elephants are recognized.
Answer: C
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Suppose that accountants increase the price for calculating income taxes owed by 20 percent. The short-run demand for their service is less elastic than the long-run demand because in the long run consumers will ________
A) spend less on this service B) experience an increase in income C) try to avoid paying their income tax D) find other ways to calculate the income tax they must pay
In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue
(Source: New York Times, July 28, 2012 ) We learn from the article that despite the larger quantity of lobster caught, the total revenue of the fisherman decreased. This fact means that the demand for lobster is A) unit elastic. B) elastic. C) inelastic. D) perfectly elastic.
If we are comparing the price of regular gasoline with the price of super gasoline, then an increase in the relative price of regular gasoline implies that
A. the relative price of super gasoline decreased. B. the nominal price of super gasoline decreased. C. the relative price of regular gasoline increased. D. the nominal price of regular gasoline increased.
Nominal values are
A. based on inflation-adjustments. B. based on Gross Domestic Product (GDP) per capita. C. measured in terms of actual market prices at which the goods are sold. D. measured in terms of total purchasing power.