Property owned by individuals is called:
A. Common property
B. Shared property
C. Public property
D. Private property
Answer: D
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In the classical model, if government tries to increase employment and output by increasing its own purchases,
a. it will achieve its goal and economic conditions will improve b. it will not attain its objective unless it also decreases taxes c. its actions will cause the interest rate to rise, which will choke off investment spending d. firms will be motivated to increase their output, thereby creating even more jobs e. saving will also increase, as more people are employed
In Zimbabwe and Botswana, elephants can be owned by local tribes and trade in ivory is legal, while in countries such as Kenya, it is illegal to trade in ivory and elephants cannot be privately owned but are protected by the government. Which of the following is true regarding the change in the elephant populations since 1979 in these countries?
a. In Zimbabwe and Botswana, elephants are near the verge of extinction, while in Kenya, the population of elephants is growing rapidly. b. There has been a similar decline in the population of elephants in all of these countries. c. There has been a similar increase in the population of elephants in all of these countries. d. In Zimbabwe and Botswana, elephant populations have more than doubled, while in Kenya, the population of elephants has fallen to less than one-third of its previous level.
Fairy Cakes sells birthday cakes in a perfectly competitive market where the market price is $25 per cake. If it decides to increase its production from 10 cakes a week to 12 cakes a week, its weekly revenue will _____
a. decrease by $50 a week b. increase by $25 a week c. increase by $50 a week d. decrease by $20 a week
When a U.S. company shifts some of its production to Mexico, it is engaging in:
A. outsourcing. B. insourcing. C. self-sufficiency. D. involuntary exchange.