When whale oil was in high demand in the middle of the nineteenth century, whales were being hunted to excess because
a. of the excessive government regulation imposed on whale hunting.
b. those who owned the hunting rights failed to see the future value of whale oil.
c. the public ignored the need to curb whale oil consumption.
d. no one owned the whales or the hunting rights, thus there was no incentive to conserve whales for the future.
d. no one owned the whales or the hunting rights, thus there was no incentive to conserve whales for the future.
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The key explanation for the prevalence of waterway pollution is
A. the inclusion in production of all costs involving use of the waterway. B. that there are private costs but no costs to society. C. that waterways are not private property and can be used free of charge. D. that waterways are subject to the market’s normal control procedures.
Owners and managers
A) must be the same people. B) may be different people with different goals, and in the long run firms that do best are those in which the managers are allowed to pursue their own independent goals. C) may be different people with different goals, but in the long run firms that do best are those in which the managers pursue the goals of the owners. D) may be different people with different but exactly complementary goals. E) may be different people with the same goals.
Who stands to gain as a result of unanticipated inflation?
A) creditors B) debtors C) persons living on a fixed income D) retired individuals
The opportunity cost to a city for using local tax revenues to construct a new park is the:
a. best alternative foregone by building the park. b. dollar cost of constructing the new park. c. dollar cost of the old park. d. increased taxes necessary to pay for maintenance of the new park.