The tragedy of commons is the
A) underuse of a common resource.
B) absence of incentives for people to pay for what they consume.
C) fact that common resources are nonrival.
D) overuse of a common resource.
D
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When graphed, the total cost of production will
a. intercept the vertical axis at the level of fixed cost b. first slope down, then slope up c. slope down forever d. first slope up, then slope down e. be a horizontal line
If Les can produce two pairs of pants per hour while Eva can produce one pair per hour, then it must be true that:
A. Les has a comparative advantage in producing pants. B. Les has an absolute advantage in producing pants. C. Les has both comparative and absolute advantage in producing pants. D. Eva has a comparative advantage in producing pants.
Which of the following is a wealth effect that would most likely cause a decrease in the quantity of real GDP demanded in a nation, ceteris paribus?
a. France experiences a decrease in the general level of prices in its economy. b. South African consumers become richer following a decline in the overall price level. c. The Mexican economy experiences several years of increasing price levels. d. U.S. consumers are encouraged to spend more due to low interest rates.
Which of the following is the basic measure of a nation's economic growth rate?
(A) Nonmarket activities over a given period of time. (B) Percentage change of real GDP over a given period of time. (C) Standard of living over a given period of time. (D) Leading indicators over a given period of time.