The primary focus of natural resource economics is to develop policies for harvesting or extracting natural resources that:
A. Minimize the net costs
B. Maximize the net benefits
C. Minimize the negative externalities
D. Maximize the positive externalities
B. Maximize the net benefits
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The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. Currently 10 units are imported. The Consumption distortion loss is equal to
A) c+e. B) c. C) c+g+i. D) a + c + d + e.
In terms of capabilities, education can be seen as:
A. contributing to better family planning. B. a factor that reduces income inequality in countries. C. a feature of more democratic regimes. D. something that requires a lot of funding, but produces very little return.
Suppose an econometrician discovers that during the past decade, lower unemployment rates have always been accompanied by higher inflation rates. When asked how to reduce unemployment, the econometrician recommends the policy of increasing the money supply to trigger more inflation. Explain why this policy may fail to work in a world where people have rational expectations.
What will be an ideal response?
Trade flows measure the:
A. movement of resources between nations. B. exports and imports of goods and services. C. transfer of information from one nation to another. D. transfer of money between nations.