Economists refer to the problem that exists when public property is treated poorly because it is in no one's private interest to protect it as the
A. tragedy of capitalism.
B. mistake of zoning.
C. Achilles' heel of socialism.
D. tragedy of the commons.
Answer: D
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The aggregate supply curve is
a. a curve showing the quantities of total output that business will purchase for investment at various price levels. b. a curve showing the quantities of total output that will be offered for sale at various price levels. c. a curve showing the quantities of goods and services that households will provide at various price levels. d. one point on the aggregate expenditure curve.
Production possibilities frontiers are typically concave (bowed out) from the origin because
a. of the law of supply b. there is usually a one-for-one trade-off in resources used in production c. economies of scale enable firms to reduce the average costs of production as output rises d. the opportunity cost of a good rises as the quantity of the good produced increases e. resources are often left idle in the firm
A labor contract provides for a first-year wage of $10 per hour, and specifies that the real wage will rise by 3 percent in the second year of the contract and by another 3 percent in the third year. The CPI is 1.00 in the first year, 1.07 in the second year, and 1.15 in the third year. What dollar wage must be paid in the third year?
A. $12.20 B. $12.31 C. $11.15 D. $10.61
If a firm in a perfectly competitive market is currently producing the output where price = marginal cost > average total cost, the firm is:
A. earning a positive profit. B. earning a zero profit. C. suffering an economic loss. D. All of these