The tragedy of the commons was avoided in the Middle Ages by
A) the government which imposed a tax for the use of the commons.
B) the local police who monitored entry into the commons.
C) social pressure to uphold traditionally accepted limits on family use of the commons.
D) selling common grounds to individuals.
C
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In Econland population increased from 1 million to 1. 1 million, the number of employed workers increased from 500,000 to 600,000, but average labor productivity decreased from $20,000 per worker per year to $19,000 per worker per year. Total output in Econland ________ and the average standard of living ________.
A. increased; increased B. decreased; decreased C. increased; decreased D. decreased; increased
A profit-maximizing firm's daily total revenue is $155 with 3 workers, $200 with 4 workers, and $230 with 5 workers. The cost of each worker is $40 per day. The firm should
A. hire more than five workers. B. not hire a fourth worker. C. hire four workers. D. hire five workers.
When actual inflation is less than expected inflation
A) borrowers lose and lenders gain. B) borrowers gain and lenders lose. C) borrowers and lenders both lose. D) borrowers and lenders both gain.
When Congress does not pass the necessary budget resolutions by the time the new fiscal year starts, they need to pass a ______ in order to keep agencies operating
a. budgetary extension b. continuing resolution c. continuing extension d. emergency budgetary declaration