Government purchases, under the expenditure approach to GDP accounting, includes all of the following except:
a. welfare payments
b. salaries of senators.
c. fighter jets purchased by the government.
d. the military payroll.
a
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Suppose the government wants to reduce illegal importation of exotic animals used as pets and tries to achieve this goal by interrupting the supply of illegally imported exotic animals
If the demand for these animals is highly inelastic, this government effort will result in A) a small reduction in the quantity of exotic pets demanded. B) a large reduction in the quantity of exotic pets demanded. C) no change in the quantity of exotic pets demanded. D) an increase in the quantity of exotic pets demanded.
Which of the following is an example of a common resource?
A) elephants in the wild B) lions in a zoo C) public transportation D) a college education