The value to the consumer is based upon adding up
A. the most each consumer is willing to pay for a good.
B. the difference between most a consumer is willing to pay for a good and the least a firm is willing to sell the good for.
C. the least a firm is willing to sell the good for.
D. the average of the most a consumer is willing to pay for a good and the least a firm is willing to sell the good for.
Answer: A
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Why does excessive fishing occur?
a) Fishermen are concerned about the population dynamics of fish biomass, not current harvest rates. b) Fishermen have other marketable skills and do not fear exploitation of fish reserves. c) Each individual fisherman has little incentive to maintain the species for the next year. d) Fishermen rely on government managers to worry about fish populations.
When the Federal Reserve buys bonds on the open market, it decreases the money supply
Indicate whether the statement is true or false