Which of the following scenarios is an example of the tragedy of the commons?
a. Extensive fishing of Bluefin Tuna in the Atlantic Ocean
b. Overuse of a private swimming pool for recreation
c. High demand for burgers from Burger King
d. High demand for online movie streaming on Netflix
a
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The present value of the future is
A) not related to the interest rate. B) inversely related to the interest rate. C) positively related to the interest rate. D) equal to economic profit
Suppose the price P on a given demand curve results in a price elasticity of demand equal to 1. Any price higher than P will lie on the ________ part of the demand curve, and any price lower than P will lie on the ________ part of the demand curve.
A. unit elastic; inelastic B. elastic; inelastic C. inelastic; elastic D. elastic; unit elastic
If your income is fixed and the economy experiences inflation, your ability to purchase goods and services rises.
Answer the following statement true (T) or false (F)
In which of the decades below was the deficit as a percentage of GDP the largest?
A. The 1960s B. The 1950s C. The 1970s D. The 1940s