The Tragedy of the Commons describes
a. government regulation that is necessary to combat externalities.
b. overuse of a common resource relative to its economically efficient use.
c. the nonrivalry feature of a common resource.
d. an effective cost-benefit analysis.
b
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Refer to the above figure. A movement from B to D would be a result of
A) an increase in the quantity of money in circulation. B) an increase in the marginal income tax rate. C) an increase in labor productivity. D) an increase in government expenditures.
Interest rate parity is more likely to hold in the short run than purchasing power parity
Indicate whether the statement is true or false
Ralph is a plumber. Which of the following are included in his human capital?
a. the knowledge he learned on the job, and the tools he uses b. the knowledge he learned on the job, but not the tools he uses c. the tools he uses, but not the knowledge he learned on the job d. neither the knowledge he learned on the job nor the tools he uses
The above table shows marginal costs and marginal benefits of clean air in a particular industrial area. In the table, when the quantity of clean air is at 75 percent
A. the marginal benefit of clean air exceeds the marginal cost. B. the quantity of polluted air is 75 percent. C. the quantity of clean air is optimal. D. the marginal benefit of clean air is less than the marginal cost.