The story about the mass slaughter of buffalo in the United States, which allowed the products to be exported during the 1870s, is an example of:
a. the first-mover principle.
b. the principle of comparative advantage.
c. the tragedy of the commons.
d. export subsidies.
Ans: c. the tragedy of the commons.
Economics
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A change in the reserve requirement is the tool used least often by the Fed because it:
A. Does not affect bank reserves. B. Can cause abrupt changes in the money supply. C. Does not affect the money multiplier. D. Has no impact on the lending capacity of the banking system.
Economics
A large open economy reduces its investment demand. This causes the world real interest rate to ________ and the country's current account balance to ________
A) rise; fall B) rise; rise C) fall; rise D) fall; fall
Economics