The tragedy of the commons was avoided in the Middle Ages in much the same way economist Elinor Ostrom's research suggested. Which of the following ways reflects Ostrom's findings, and was actually conducted in the middle ages?
A) Common grounds were sold to individuals.
B) Local law enforcement monitored entry into the commons.
C) There was social pressure to uphold traditionally accepted limits on family.
D) The government imposed a tax for the use of the commons.
C
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Smith and Jones comprise a two-person economy. Their hourly rates of production are shown below. CalculatorsPer HourComputersPer HourSmith10010Jones1206If Smith and Jones are dividing their time efficiently and producing fewer than 10 computers and more than 120 calculators per hour, then Smith will ________ and Jones will ________.
A. produce only calculators; split his time between computers and calculators B. produce only calculators; produce only computers C. produce only computers; produce only calculators D. split his time between computers and calculators; produce only calculators
Apply the concept of tax smoothing to the debate over tax-based versus spending-based fiscal stimulus
What will be an ideal response?
What does the negative slope of the production possibilities frontier imply?
A) Diminishing marginal utility. B) The only way to increase one person's utility is to decrease the other's. C) Diminishing marginal rates of technical substitution. D) The only way to increase output of one good is to decrease output of another.
Which of the following is true of U.S. net exports prior to the 1960s?
a. Since most of the oil needs of the U.S. were met through imports, imports exceeded exports prior to the 1960s in the U.S. b. Prior to the 1960s, exports from the U.S. more or less equalled imports into the U.S. c. The U.S. was running a trade surplus prior to the 1960s. d. Prior to the 1960s, the U.S. ran twin deficits- both a current account deficit as well as a budget deficit. e. Since the U.S. dollar was overvalued prior to the 1960s, the U.S. neither exported nor imported any goods and services.