Each of the following is likely to be a successful way for the government to solve the problem of overuse of a common resource except
a. regulating the use or consumption of the common resource.
b. taxing the use or consumption of the common resource.
c. selling the common resource to a private entity.
d. asking individuals to voluntarily reduce their use of the resource.
d
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The process of analyzing a problem in reverse-starting with the last choice, then the second-to-last choice, and so on, to determine the optimal strategy-is called:
A. backward induction. B. backward thinking. C. forward thinking. D. backward working.
A perfectly inelastic demand curve indicates that
a. a producer can sell as many units as desired at the market price but no units above the market price. b. for a given percent change in price, the quantity demanded rises by the same percentage. c. price has no effect on the quantity demanded. d. the percent change in price is less than the percent change in quantity demanded.
If the MPC is 3/5 then the multiplier is
a. 4, so a $100 increase in government spending increases aggregate demand by $400. b. 1.5, so a $100 increase in government spending increases output by $150. c. 2.5, so a $100 increase in government spending increases aggregate demand by $250. d. 1.67, so a $100 increase in government spending increases output by $166.67.
Which of the following is NOT a true statement about the WTO and the protection of endangered species?
A) The environmental movement has been critical of the WTO. B) Under WTO rules, countries have a right to impose import barriers to protect endangered species. C) The WTO did not allow the U.S. to protect sea turtles. D) GATT rules prohibit discrimination based on the production process used.