Economists view the “tragedy of the commons” as a problem of:
a. free riding.
b. selfishness.
c. exclusion.
d. property rights.
d. property rights.
Economists view "the tragedy of the commons" as a problem of property rights. Because nobody owns the ocean, or the sea creatures in it, no one individual has an incentive to protect that resource.
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Consumer surplus is the area
A) below the demand curve and above the market price. B) below the supply curve and above the market price. C) above the demand curve and below the market price. D) above the supply curve and below the market price. E) below the demand curve and above the supply curve.
Which is not a reason the demand curve for loanable funds slopes down?
A. The value of the MRP in terms of today’s money shrinks as the interest rate rises. B. Future returns must be discounted more when the interest rate rises. C. As the interest rate rises, more and more investments become unprofitable. D. Production becomes more profitable in the future, reducing required inputs today.
Larger economic benefits from a currency union occur when:
A) there is intense competition between the economies. B) market integration is large, yielding efficiency benefits. C) the central bank acts independently. D) the currency is pegged to the U.S. dollar.
The graph above shows domestic supply and demand with trade. With trade, this country can purchase at the world price, Pw. Which of the following areas represents consumer surplus with trade?
A) Pw-A-0 B) Pw-B-Qd-0 C) P1-B-Pw D) P1-B-A-0