Economic theory suggests that if natural resources can be held as private property, then
A. conservation will be nonexistent.
B. people will simply hold them and refuse to make them available.
C. owners will have an incentive not to abuse them.
D. natural resources will be sold off for immediate use.
Answer: C
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In New Zealand one worker can produce 40 walking sticks or 10 boomerangs each hour. What is the opportunity cost of producing one walking stick?
a. 40 boomerangs b. 10 boomerangs c. 4 boomerangs d. 1/4 of a boomerang e. 1/2 worker
Economists can evaluate the desirability of the distribution of income
a. True b. False Indicate whether the statement is true or false
Suppose the government imposes a tax of 10 percent on the first $40,000 of income and 20 percent on all income above $40,000 . What are the tax liability and the marginal tax rate for a person whose income is $50,000?
a. 12 percent and 20 percent, respectively b. 12 percent and $50,000 . respectively c. $6,000 and 12 percent, respectively d. $6,000 and 20 percent, respectively
data show that among the firms that produce bananas, dole has 26% of sales, del monte has 14% of sales, fyffes has 8% of sales and nabob has 5% of sales. all other firms has the rest of sales. this information suggests that:
a) firms in the industry are "price takers" b) the firms in the industry are likely to engage in strategic behaviors and interaction c) the banana industry has a strong oligopoly d) the industry wold be described as monopolistic competitive e) b and c likely to occur