The term "tragedy of the commons" is used to describe
a. overpricing of computer software by Microsoft.
b. an increase in rents when air quality in a community improves.
c. the difficulty in obtaining honest evaluations of public goods.
d. the elimination of social gains due to the overuse of property without a well-defined owner.
d. the elimination of social gains due to the overuse of property without a well-defined owner.
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A good economic theory: a. rests on realistic assumptions
b. explains economic behavior and predicts well. c. can best be expressed mathematically. d. always provides a highly detailed analysis of an economic sector.
When Mother Theresa won the Nobel Peace Prize, the monetary award was well in excess of $100,000 . Did she accept the money? If so, what did she do with it?
Jack and Diane each buy pizza and paperback novels. Pizza costs $3 per slice, and paperback novels cost $5 each. Jack has a budget of $30, and Diane has a budget of $15 to spend on pizza and paperback novels. Which consumer(s) can afford to purchase 3 slices of pizza and 4 paperback novels?
a. Jack only b. Diane only c. both Jack and Diane d. neither Jack nor Diane
Which of the following works to limit trade by explicitly raising prices (i.e. as a tax)?
A. quotas B. non-tariff regulatory barriers C. subsidies D. tariffs