An example of the tragedy of the commons is:
a. no worldwide fuel economy standard.
b. overfishing in international waters. unsafe fishing practices that trap
c. dolphins and sea turtles.
d. illegal copyright infringement.
Answer: b. overfishing in international waters. unsafe fishing practices that trap
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If diminishing marginal returns have already set in for Golden Lark Woodworks, and the marginal product of the 6th carpenter is 8 chairs, then the marginal product of the 7th carpenter is
A) more than 8 chairs. B) zero. C) negative. D) less than 8 chairs.
The smaller the marginal propensity to save, other things constant, _____
a. the smaller the marginal propensity to consume b. the larger the marginal propensity to consume c. the smaller the multiplier d. the flatter the consumption function e. the steeper the saving function
When a society is more equal:
A. the more the economy grows, so the best economy is the most equal. B. the more everyone gains when the economy improves, but that doesn't mean the most equal society is the best society. C. economic growth will create imbalance, and the government will need to work to equalize incomes. D. economic growth will provide the most resources for its disadvantaged members .
A project is profitable when its internal rate of return is ______ the interest rate.
A. greater than B. less than C. equal to D. less variable