Which of the following is a possible solution when a scarce resource is subject to the tragedy of the commons?
A) force people to move away from the commons
B) offer subsidies to consumers
C) persuade people to use less of the scarce resource through an advertising campaign
D) access to the commons can be restricted through community norms and laws
D
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Efficiency is related to the size of the economic pie, whereas equality is related to how the pie gets sliced and distributed
a. True b. False Indicate whether the statement is true or false
The ________ economists would have the government do absolutely nothing during a period of relatively high unemployment.
Fill in the blank(s) with the appropriate word(s).
A country is said to have an absolute advantage in the production of an item when the country
What will be an ideal response?
Unemployment that results from business recessions that occur when aggregate demand is insufficient to create full employment is
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.