Which of the following quotations illustrates the Tragedy of the Commons?
a. "A bird in the hand is worth two in the bush.".
b. "The only difference between the rich and other people is that the rich have more money.".
c. "What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.".
d. "Anyone who is not a socialist before he is 30 has no heart; anyone who is still a socialist after he is 30 has no head.".
c
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Trade policies in which industries have been the most contentious in the Doha Round?
What will be an ideal response?
If the Fed wanted to expand the money supply as part of an antirecession strategy, it could
a. increase the reserve requirements. b. buy U.S. securities on the open market. c. raise the discount rate. d. sell U.S. securities on the open market.
Which of the following provides the best explanation of why low-income countries generally remain poor?
A. Their political environment and policies often discourage productive activity and reduce the potential gains from specialization and exchange. B. They are oppressed by developed nations that benefit from the cheap goods available from countries with low wage rates. C. They are poorly endowed with natural resources, which are essential for long-term rapid growth. D. When the average income level is low, workers have little incentive to earn higher incomes.
A right-to-work law is
A. a state law making the union shop illegal. B. a state law making the open shop illegal. C. a federal law making the union shop illegal. D. a federal law making the closed shop illegal.