The tragedy of the commons refers to:
a. the plight of the common people, who are doomed to low paying jobs and discrimination.
b. the fact that public resources are becoming scarce.
c. the idea that what we have in common is often not why we trade.
d. the idea that when everyone has free access to a resource, it will be overused and depleted.
Ans: d. the idea that when everyone has free access to a resource, it will be overused and depleted.
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A feedback from low real wages to low productivity could be caused by
A) an increase in the labor force caused by more immigration. B) a reduction in the power of labor unions. C) a reduction in the real minimum wage. D) increased worker anxiety about job security. E) all of the above.
When does a subsidy that benefits consumers result in a more efficient allocation of a resource?
A) when the good being produced or consumed is not scarce B) when the good being produced or consumed generates a negative externality C) when the good being produced or consumed generates a positive externality D) when the equilibrium price of the good is one that consumers don't like
A decrease in demand for a product, holding other things constant, will
A) increase the marginal revenue product of labor. B) decrease the marginal revenue product of labor. C) not change the marginal revenue product of labor. D) have an undetermined effect upon the marginal revenue product of labor.
Suppose the market for good X has a four-firm concentration ratio of 0.80. Having worked for the four largest firms in the industry, you know the sales for these four firms are given by $100,000, $125,000, $150,000, and $175,000. Based on this information, we know that sales for the remaining firms in the industry are:
A. $250,500. B. $687,500. C. $137,500. D. $550,000.