A student is working on a group class-project where the same grade is assigned to everyone in the group. He chooses to not contribute to the project. What term best describes this situation?
a. Moral hazard
b. Tragedy of the Commons
c. Public good problem
d. Free Rider Problem
d. Free Rider Problem.
You might also like to view...
In the short run, the firm has no more than one fixed input.
Answer the following statement true (T) or false (F)
In the 1800s, early agricultural activity in the U.S. used the technology of the time which was based on
(a) handwork and animal power. (b) waterpower and the steam engine. (c) the internal combustion engine and electric motor. (d) large-scale enterprises using water driven machinery.
When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand B. increase; raise; decline C. decline; lower; decline D. decline; raise; decline
An increase in the number of medical procedures performed in doctor's offices rather than in hospital settings will tend to shift the ________ curve for medical services to the ________
A) demand; left B) demand; right C) supply; left D) supply; right