Provide an example of a modern day “Tragedy of the Commons,” and explain why it is an example of it.
What will be an ideal response?
An example of the Tragedy of the Commons is the skate park in my town. When it was built, it was very clean and well-built. People began littering and breaking things, and now it is dirty, everything is broken, and nobody can skate there. It is an example of the Tragedy of the Commons because it was a public good, but nobody took care of it, and now it is worthless.
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Total revenue is equal to
a. price elasticity of demand multiplied by quantity b. price elasticity of demand divided by quantity c. price of the good divided by quantity d. price of the good multiplied by quantity e. price elasticity of demand multiplied by price of the good
When Cabbage Patch Dolls were introduced, they were extremely popular at Christmas, and most stores sold out. By the next year, there were plenty still available at Christmas. What happened?
1.The foundation for economic progress is a _____ ______ that protect ______ ____ _______ and enforces _______ in an _____ _____
Fill in the blank(s) with the appropriate word(s).
If the spending multiplier is 3 and the desired amount of increase in real GDP is $90 million, then by how much would government spending have to increase??
A. ?$270 million. B. ?$90 million. C. ?$30 million. D. ?$0.