The parable called the Tragedy of the Commons applies to goods such as
a. fire protection and cable TV.
b. tornado sirens and basic research.
c. clean air and clean water.
d. antipoverty programs and national defense.
c
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Recall the Application. Unlike the Euro-zone, the United States does not just have a single currency, but also has a ________ that provides transfers to areas in economic distress
A) single central bank B) unified fiscal system C) national trade agreement D) federally funded emergency account
A policy in which the money supply is kept growing at a constant rate regardless of the state of the economy is
A) a Taylor rule. B) a discretionary policy. C) a policy rule advocated by monetarists. D) advocated by activists.
Economists refer to externalities as an example of market failure when:
a. markets do not consider social costs as part of overall costs. b. additional external costs are so high that the firm must shut down. c. private costs are the same as costs to society as a whole. d. citizens bring lawsuits to stop production that pollutes.
Wages and salaries (including wage supplements) accounted for ________ of personal income in the United States in 2017.
A. 37% B. 50% C. 63% D. 90%