Four roommates have moved into an apartment. However, none of them cleans the apartment thinking that the others will do it. This is an example of ________
A) the free-rider problem
B) the paradox of thrift
C) the paradox of plenty
D) the tragedy of commons
A
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Exchange rates that are allowed to fluctuate in the open market in response to changes in supply and demand are known as
A) fixed exchange rates. B) gold exchange rates. C) flexible exchange rates. D) IMF exchange rates.
During the 2007-2009 recession, the consumers in the U.S. economy:
a. consumed less and saved more resulting in a decline in aggregate demand. b. saved less and consumed more resulting in a decline in aggregate demand. c. consumed and saved more resulting in an increase in aggregate demand. d. consumed and saved less resulting in an increase in aggregate demand.
Recall the Application about the Native American Tribes in Michigan that had a monopoly in casino gambling to answer the following question(s).Recall the Application. How many Native American Tribes made a deal with the state of Michigan in 1993 and were granted a monopoly in casino gambling?
A. 2 B. 3 C. 7 D. 10
Refer to Figure 6.8. Suppose that your city imposes a tax of $100 per apartment and the supply curve is a vertical line at Q = 10,000. Then:
A. consumers pay the whole amount of the tax. B. landlords pay the whole amount of the tax. C. consumers and landlords split the tax. D. There is not sufficient information.