The "tragedy of the commons" refers to
a) farmers who allow their livestock to overgraze their fields
b) the acceptance of deplorable working conditions by those who lack the human capital to obtain a better job
c) the absence of incentives to prevent the overuse and depletion of a commonly used resource
d) the tendency for bureaucrats to maximize their budget
Answer: c) the absence of incentives to prevent the overuse and depletion of a commonly used resource
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Based on research conducted on the productivity of Hispanic and non-Hispanic workers, an employer decides to hire non-Hispanic workers. This is an example of:
A) cultural discrimination. B) special interest group discrimination. C) statistical discrimination. D) taste-based discrimination.
The first priority of national defense spending is the defense of economic interests abroad
a. True b. False
Pricing can be
A) in the form of a markup. B) can be based on peak loads. C) a barrier to entry. D) all of these choices.
For the cost function C(Q) = 200 + 3Q + 8Q2 + 4Q3, what is the average fixed cost of producing six units of output?
A. 42.12 B. 33.33 C. 212.61 D. 18.31