The tragedy of the commons arises from the:
A. good being rival.
B. good being excludable.
C. combination of rivalry and nonexcludability.
D. combination of rivalry and excludability.
C. combination of rivalry and nonexcludability.
You might also like to view...
Figure36-9
?
?
In Figure 36-9, the C + I + G + (X? IM)1 line is flatter than the C + I + G + (X? IM)0 line because the
A. (X? IM)1 line indicates that net exports decline as GDP rises. B. (X? IM)1 line indicates that net exports rise as GDP rises. C. multiplier is greater for the (X? IM)1 line. D. (X? IM)1 line indicates that tariffs, quotas, and other trade barriers are keeping net exports below their full potential.
A production function for which proportional changes in all inputs leads to a more-than-proportional change in output is said to exhibit
A. constant returns to scale. B. diminishing returns. C. decreasing returns to scale. D. increasing returns to scale.
Refer to the figure below. At the private market equilibrium quantity, the marginal cost of the last unit produced is ________ the social marginal benefit of the last unit produced.
A. less than B. more important than C. equal to D. greater than
Assume that in year 1 an economy produces 1000 units of output and they sell for $100 a unit, on average. In year 2, the economy produces the same 1000 units of output, and sells it for $110 a unit, on average. Use year 1 prices to calculate real GDP
in Year 1 and Year 2. What happened to real GDP between years 1 and 2? Why? What will be an ideal response?