What causes the Tragedy of the Commons? (i) Social and private incentives differ. (ii) Common resources are not rival in consumption and are not excludable. (iii) Common resources are not excludable but are rival in consumption
a. (i) only
b. (ii) only
c. (i) and (ii) only
d. (i) and (iii) only
d
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Trade theory suggests that Japan would gain from a subsidy the United States provides its grain farmers if the gains to Japanese consumers of wheat products more than offsets the losses to Japanese wheat farmers. This would occur as long as Japan
A) is a net importer in bilateral trade flows with the United States. B) is a net importer of wheat. C) has a comparative advantage in wheat. D) has an absolute advantage in producing wheat. E) is involved in intra-industry trade with the United States.
Compared to the natives of Northern America, ownership of private property rights was
(a) more common to the Europeans than it was to the natives (b) more common to the Indians than to the Europeans. (c) the same. (d) of no value to either group.
Answer the following statements true (T) or false (F)
1. The U.S. unemployment rate excludes unemployed workers who are not actively seeking work. 2. The demand for unskilled workers has been growing as a percent of total U.S. labor force in recent years. 3. A sizable part of increases in the U.S. labor force in the past few decades has been due to the influx of women. 4. Service-oriented jobs make up more than three-quarters of total employment in the U.S. labor force. 5. The number and the percentage of U.S. workers in labor unions have decreased in the past decade.
State one implication of the principle of division of labor