In a market where the tragedy of the commons arises, the equilibrium quantity is both individually ____________ and collectively __________.

A. inefficient; rational
B. rational; inefficient
C. irrational; efficient
D. efficient; irrational


B. rational; inefficient

Economics

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Goods and services sold to foreign buyers are

A. The terms of trade. B. Exports. C. A trade embargo. D. Imports.

Economics

Free trade is ________, because it ________ the size of the pie available to the economy.

A. efficient; increases B. inefficient; increases C. efficient; decreases D. inefficient; decreases

Economics

What is frictional unemployment?

What will be an ideal response?

Economics

Suppose that the price of beer goes up due to a higher alcohol tax added. Quantity demanded for beer will ________ and consumer surplus will ________.

A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease

Economics