Fishermen on the East Coast are using lobster traps out of which most of the lobsters that enter can escape. Why?
A) It will make over-fishing less likely.
B) They can't come up with better traps.
C) They are not educated enough to maximize profit.
D) They catch more lobsters this way.
A
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Which statement is consistent with the economic way of thinking?
A) Politicians seek to advance their own interests. B) Politicians are not only concerned with money and material goods. C) Politicians do not necessarily pursue narrow or selfish goals. D) All of the above. E) None of the above.
Assuming the economy is starting at the natural rate of output and everything else held constant, the effect of ________ in aggregate ________ is a rise in both inflation and output in the short-run,
but in the long-run the only effect is a rise in inflation. A) a decrease; supply B) a decrease; demand C) an increase; supply D) an increase; demand