The fish in the ocean would be considered a
A. sustainable natural resource.
B. renewable natural resource.
C. limited natural resource.
D. sequestered natural resource.
Answer: B
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If a lower price for a Pepsi decreases the demand for a Coke, the cross elasticity value for Pepsi and Coke is
A) definitely negative. B) definitely equal to zero. C) definitely positive. D) definitely greater than one. E) possibly negative, positive, or zero, but there is not enough information to decide.
If the marginal net utility of beer is negative, the consumer should buy more beer in order to increase the total utility.
Answer the following statement true (T) or false (F)
Which of the following is not an example of an institution (rules of the game)?
a. formal rules of behavior b. government takeover of private corporations c. a constitution d. informal constraints on behavior e. traditions
One of the roles of the Fed is to be the lender of last resort.
Answer the following statement true (T) or false (F)