Deforestation is occurring in tropical areas because
a. long-run economic considerations outweigh short-run considerations
b. global economic considerations outweigh domestic considerations
c. tropical soil is good for growing farm crops
d. the value of jobs created by deforestation exceeds the cost to society
e. there is no property right to the earth's climate
E
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The table below represents five points on the production possibility frontier for the small country of Bistro, which produces only crackers (measured in thousands of boxes) and cheese (measured in thousands of pounds): A B C D E Crackers 40 30
20 10 0 Cheese 0 5 10 15 20 Does the production possibility frontier demonstrate the law of increasing opportunity cost? How can you tell?
A demand curve for a normal good
A) slopes upward and to the right. B) is constructed based on the assumption that income is rising. C) is constructed based on the assumption that an inverse relationship exists between price and income. D) shows the inverse relationship between price and quantity demanded.