Is Forestry an Important Part of the Economy of the Inland

question 7

Multiple Choice

Is forestry an important part of the economy of the Inland South?

• A)In the past,yes,but in recent decades forests have been overharvested,leading to a downturn in the industry.
• B)Yes,the warm,moist climate allows trees to grow quickly.
• C)No,the thin,nutrient poor soils are not suitable for growing forests.
• D)No,the many pests prevalent in the south have prevented many trees from prospering.

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Definitions:

Income Effect

The change in consumers' purchasing power and consequently the quantity demanded of a good or service, prompted by a change in real income.

Opportunity Cost

Missing the chance to profit from several alternative options by deciding on one.

Hourly Wage Rate

The amount of money paid for each hour of work, commonly used to compensate employees in many occupations.

Marginal Utility

The augmented enjoyment or usefulness that comes from the consumption of an additional unit of a product or service.