Which of the following would economists label as an example of the "tragedy of the commons?"
A. The over-grazing of private land by ranchers
B. The disregard for health warnings on home-use pesticide sprays
C. The loss of value that a homeowner incurs when they fail to maintain their lawn
D. The over-grazing of public land by ranchers
Answer: D
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When the Fed ________ the federal funds rate, other short-term interest rates ________ and the exchange rate ________
A) lowers; rise; rises B) raises; fall; rises C) raises; rise; rises D) raises; rise; falls E) lowers; rise; falls
A regressive tax is one in which the average tax rate falls as income rises.
Answer the following statement true (T) or false (F)
As the price of beachfront cottages in Florida was raised from $400,000 to $500,000, their quantity supplied rose from 2,000 to 2,100. Rounding to the nearest tenth, the elasticity of supply of beachfront cottages is:
A. 4.6. B. 0.4. C. 1.0. D. 0.2.
Refer to the information provided in Figure 28.8 below to answer the question(s) that follow.
Figure 28.8Refer to Figure 28.8. Expected inflation at Point B equals
A. 4%. B. 5%. C. 6%. D. cannot be determined from the figure.