Hikers frequently claim that livestock grazing in the Wilderness Recreation Areas reduces the satisfaction of their recreational hiking experience. What is the economic explanation for this conflict?
a) Ranchers are insensitive to the recreational use of public lands.
b) Grazing cows is a profit-generating activity, but hiking is not.
c) Grazing cows create negative externalities that make hiking less pleasant.
d) Hikers do not value livestock as much as ranchers.
Ans: c) Grazing cows create negative externalities that make hiking less pleasant.
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Given the data in Table 6.1, the labor force participation rate of Metropolis is approximately
A) 96 percent. B) 91 percent. C) 83 percent. D) 78 percent.
Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In this case, the property rights belong to
A) Angus. B) Dudley. C) no one. D) both Angus and Dudley.