Which of the following would be considered open-access common property?

If leisure is a normal good and the economy expands so that national income rises by 3% next year then theoretically what ought to happen to the amount of work that should take place?

What will be an ideal response?

Under the gold standard, each country had little control over its own monetary policies

a. True b. False

In 2001, the first year of the Bush administration, Americans learned that recessions were a thing of the past

a. True b. False Indicate whether the statement is true or false

Economists make assumptions to

a. mimic the methodologies employed by other scientists. b. minimize the number of experiments that yield no useful data. c. minimize the likelihood that some aspect of the problem at hand is being overlooked. d. focus their thinking on the essence of the problem at hand.