According to Elinor Ostrom's view of The Tragedy of the Commons:
a. The only way to prevent the collapse of the commons is government intervention.
b. The only way to prevent the collapse of the commons is to privatize the commons so that it is owned by a single individual.
c. Individuals will create institutions to prevent the collapse of the commons.
d. Individuals will use the commons beyond the socially efficient point.
c
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As the Federal Trade Commission currently interprets the Herfindahl-Hirschman index (HHI), an industry is considered to be moderately concentrated if the HHI value is
A) between 100 and 1,500. B) between 1,500 and 2,500. C) between 1,000 and 3,500. D) between 3,000 and 6,000.
Rural families were larger in size, on average, than urban families during the antebellum period. Some argue that the relatively high rate of return on a child born on a farm partly explains why
Children born on farms could be considered investments goods—"goods" used to produce something else. Indicate whether the statement is true or false
In the traditional Keynesian model, an increase in current taxes
A) increases disposable income but does not affect consumption. B) decreases both disposable income and consumption. C) decreases disposable income but increases consumption. D) has no effect on either disposable income or consumption.
In periods of high inflation, _____
a. people want to hold as much money as possible b. the purchasing power of money decreases c. the real interest rate exceeds the nominal interest rate d. the nominal interest rates are likely to be low e. the nominal interest rate equals the real interest rate