The phenomenon known as the tragedy of the commons occurs whenever:
a. the private sector owns resources and manages them tragically.
b. the government owns resources and manages them tragically.
c. there is no ownership of resources, so they become depleted due to lack of management.
d. two countries own the same resource and cannot agree on its management.
Ans: c. there is no ownership of resources, so they become depleted due to lack of management.
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The market supply curve indicates the
A. maximum prices that buyers are willing and able to pay for the product. B. total revenues that sellers would receive from selling various quantities of the product. C. minimum acceptable prices that sellers are willing to accept for the product. D. total amount that buyers will pay in buying a given quantity of the product.
The income effect of a price increase for a Giffen good outweighs the substitution effect
Indicate whether the statement is true or false
The line of perfect income equality is
A. X.
B. Y.
C. Z.
D. not shown on this graph.
Commodity-backed money is:
A. money used for the exchange of large commodities. B. money created by rule. C. any form of money that can be legally exchanged into a fixed amount of an underlying commodity. D. any form of money that also has a role as a commodity.