Consider the stock of ocean tuna which is massively overfished. It is rational for an individual to exploit the resource rather than to conserve the stock because
A) the marginal private benefit of harvesting tuna is lower than the marginal social benefit of harvesting it.
B) the marginal private cost of harvesting the fish is lower than the marginal social cost.
C) the marginal social cost of harvesting the fish is lower than the marginal private cost.
D) the marginal private benefit of harvesting tuna is higher than the marginal social benefit of harvesting it.
B
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Bank A has total deposits of $3 million and total reserves of $1 million. The required reserve ratio is 20 percent. The bank has excess reserves of
A) $20,000 B) $200,000 C) $400,000 D) $40,000 E) There is not enough information provided to answer this question
Carefully explain why political pressure to protect industry has often been intense in the United States
What will be an ideal response?
Typically during a recession
A. incomes and unemployment rise. B. incomes increase, and unemployment falls. C. incomes fall, and unemployment falls. D. incomes fall, and unemployment rises.
Cross elasticity of demand is:
A. Negative for complementary goods B. Negative for substitute goods C. Unitary for inferior goods D. Positive for inferior goods