Which term refers to the exploitation of highly demanded shared resources?
a. Tragedy of the commons
b. Free rider problem
c. Negative externality
d. Common pool resourcing
a. Tragedy of the commons
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The approach to GDP that sums compensation of employees, rental income, corporate profits, net interest, proprietors' income, depreciation, and indirect taxes and subtracts subsidies is the
A) opportunity cost approach. B) expenditure approach. C) added cost approach. D) income approach.
Refer to Table 4-4. If a minimum wage of $10.00 is mandated there will be a
A) shortage of 20,000 units of labor. B) surplus of 40,000 units of labor. C) shortage of 40,000 units of labor. D) surplus of 20,000 units of labor.
A dozen eggs cost $2 in the U.S. and 12 pesos in Argentina. If the real exchange rate is 5/6, what is the nominal exchange rate? Show your work
Exhibit 7-2 Cost schedule for pizza production Pizzas LaborCost EnergyCost MaterialsCost 0 $10 $ 0 $ 0 1 10 12 4 2 24 22 8 3 40 30 12 4 60 36 16 5 90 40 20 Exhibit 7-2 shows the labor, energy, and materials cost of making various quantities of pizzas. The table shows that the labor cost of making pizzas will:
A. increase at a decreasing rate. B. decrease at a decreasing rate. C. decrease at an increasing rate. D. increase at an increasing rate.