The Tragedy of the Commons
a. occurs most often with public goods.
b. is only applicable to shared grazing rights among sheep herders.
c. is eliminated when property rights are assigned to individuals.
d. occurs when social incentives are in line with private incentives.
c
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A tax provision that works much like a negative income tax is the
a. Earned Income Tax Credit (EITC). b. Temporary Assistance for Needy Families (TANF). c. deduction for charitable contributions. d. mortgage interest rate deduction.
The total revenue received by sellers of a good is computed by
A. multiplying the price times the quantity sold. B. dividing the percentage change in quantity by the percentage change in price. C. adding the price and the quantity sold. D. multiplying the percentage change in price times the percentage change in quantity.
Which of the following is NOT a type of tax?
A. Payroll tax B. Excise tax C. Estate tax D. Family tax
According to your textbook, a "free" good is
A) a good paid for by someone else. B) a stolen good. C) a good given away by charities. D) a good obtained without any sacrifice whatsoever.