The official definition of a recession is when real GDP declines for two consecutive quarters

A minimum wage set above the equilibrium wage rate has no effect

Indicate whether the statement is true or false

Why has the value of ivory threatened the extinction of the elephant, whereas the value of beef has enhanced the survival of the cow?

a. Cows are a common resource, whereas elephants are owned by governments. b. Elephants are larger than cows, requiring more economic resources. c. Elephants live in Africa, where economic resources are scarce. d. Elephants are a common resource, whereas cows are privately owned.