Buffalo in the United States Almost Became Extinct While Cattle

question 72

Multiple Choice

Buffalo in the United States almost became extinct while cattle have never been close to extinction. The difference is due to

• A) the greater marginal value of a buffalo relative to a head of cattle, leading to greater "harvesting" of buffalo.
• B) the use of private property rights on cattle and common property rights on buffalo.
• C) the greater marginal value of a head of cattle relative to buffalo, leading to over-hunting of buffalo.
• D) the differences in size between the two animals, and the effect of size differences on the costs of hunting them.

Analyze the impact of currency appreciation and depreciation on imports and exports.

Understand the mechanisms and outcomes of international financial conferences, such as Bretton Woods.

Grasp the concepts of trade deficits and surpluses and their implications.

Familiarize with the economic indicators and transactions that reflect a country's international economic position.

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Definitions:

Appraisal Cost

Appraisal costs are expenses associated with the inspection and testing of materials and products to ensure quality standards are met.

Quality Cost Report

A financial analysis detailing the costs associated with ensuring the quality of products including prevention, appraisal, and failure costs.

Testing Supplies

Materials or equipment used to conduct tests and evaluations during various stages of production or research.

External Failure Cost

Costs incurred when products or services fail to meet quality standards after being delivered to the customer, including returns, repairs, and warranties.