Which of the following illustrates the tragedy of the commons?
a. Overharvesting a species of fish
b. Banning the use of oil and gas
c. Using coal for manufacturing
d. Hunting out of season
a. Overharvesting a species of fish
The tragedy of the commons refers to overharvesting common resources, such as a species of fish.
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Most doctors are employed by the government and most hospitals are owned by the government in
A) Canada. B) Japan. C) the United Kingdom. D) the United States.
Examples of incentive pay include
a. allowing employees a certain number of personal days b. royalties to textbook authors c. cleaning the worksite with weekly janitorial service d. offering a certain number of sick days
When the minimum wage is raised in a competitive market, ceteris paribus,
A. Workers are not affected by a minimum wage increase, only by decreases. B. All workers are better off. C. All workers are worse off. D. Some workers are better off and some are worse off.
Refer to the diagram, assuming that the firm represented is operating on curve TC 1 . If the current price of the resource rises by $20, the optimal quantity extracted in the first year will:
A. increase by 250.
B. increase by 500.
C. decline by 250.
D. remain unchanged.