A new public playground has just been built in a town. Which action of the citizens would best demonstrate the Tragedy of the Commons?
a. Every Friday a group of parents meet there to play with their children.
b. A civic group collects litter from the park once a month.
c. Most residents stay at home and do not use the park.
d. Many people litter and misuse the equipment, causing it to break.
d. Many people litter and misuse the equipment, causing it to break.
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To be accepted as money, an item must perform all of the following functions EXCEPT
A) be a medium of exchange. B) serve as a store of value. C) be easily reproduced. D) serve as a standard of deferred payment.
The value of all final goods and services produced during a given time period measures a nation's
A) net exports. B) net national product. C) consumer price index. D) gross domestic product.
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. If the price of burger increases,
A) Max will buy less burger and more chicken. B) Max will buy less burger and the same quantity of chicken. C) Max will buy less of both meats. D) More information is needed to answer the question.
Refer to the information provided in Figure 23.2 below to answer the question(s) that follow.
Figure 23.2Refer to Figure 23.2. Suppose Jerry's MPC decreases. At income Y1, Jerry's
A. consumption will be less than his income. B. consumption will be greater than his income. C. saving will be zero. D. all of the above