Answer the following statement true (T) or false (F)
1) Weak property rights encourage faster extraction than would otherwise maximize the long-
term stream of profits.
2) Elephants are moving closer to extinction in places where they are treated as private
property.
3) The economic benefits of forests include provision of wildlife habitats, erosion prevention, and
oxygen production.
4) In the United States and parts of Western Europe, the amount of land covered by forests is
increasing.
1) T
2) F
3) T
4) T
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In the long run, what happens to the demand curve facing a monopolistically competitive firm that is earning short-run profits?
A) The demand curve will shift to the right and became more elastic. B) The demand curve will shift to the right and became less elastic. C) The demand curve will shift to the left and became more elastic. D) The demand curve will shift to the left and became less elastic.
Milton Friedman attributed the Great Depression primarily to
A) the government's failure to respond to an increase in the budget deficit. B) a reduction in the money supply. C) economists' and policy-makers' failure to acknowledge their limited knowledge. D) the failure of wages to rise. E) inaccurate expectations by consumers and firms.