Questions 13 & 14 are based on the following quotes from an Economist magazine a

Question

Questions 13 & 14 are based on the following quotes from an Economist magazine article titled ''Sustainable Arguments:'' ...Africa ?s elephant population dropped from 1.2 million in 1979 to just 600,000 today... According to the strict-enforcement strategy, the way to deal with this is to post more armed guards to shoot the poachers. But according to the principle of sustainable use, if the people who live in the elephants? range can benefit economically from the beasts, they will value them and stop any poaching themselves. 13. From the economic perspective, what is the fundamental problem causing the substantial reduction in the elephant population in Africa? a. the poachers who are killing the elephants for money are too greedy. b. the poachers do not receive the full benefit associated with their decision and a positive externality therefore exists. c. the demand for ivory is too great, causing P to rise and poached elephants to fetch sums exceeding S12,000. d. elephants are a common property resource. 14. The Economist quote refers to two of the three policy options we discussed in class. Which two policy options are being discussed? Strict enforcement represents a ______ approach and sustainable use reflects a _____ policy. a. regulatory; property rights b. property rights; regulatory C. negative externality; positive externality d. tax; subsidy

Explanation / Answer

13) Elephants are a common property resource.

14) Strict enforcement represents a regulatory approach and sustainable use reflects a property rights policy.

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