An example of a classic tragedy of the commons problem is a. Hurricane Katrina. b. the Enron accounting scandal. c. the 9/11 terror attacks. d. climate change.
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An example of a classic tragedy of the commons problem is
| a. | Hurricane Katrina. | |
| b. | the Enron accounting scandal. | |
| c. | the 9/11 terror attacks. | |
| d. | climate change. |
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- How can the tragedy of the commons be averted? a. The government can implement a price floor. b. Property rights can be assigned. c. The government can implement a cap and trade policy. d. The parties involved can engage in public bargaining.Which of the following is an example of an externality? (x) cigarette smoke that permeates an entire restaurant (y) a flu shot that prevents a student from transmitting the virus to her roommate (z) a beautiful flower garden outside of the local post office Select one or more: a. (x), (y) and (z) b. (x) and (y) only c. (x) and (z) only d. (y) and (z) only e. (y) only1. Identify the type of market failure, explain why it occurs and provide a solution a. An auto repair shop convinces you that you need a $20,000 valve job when all you need is an oil change. b. Everyone in the neighborhood would benefit if an empty lot were turned into a park but no entrepreneur will come forward to finance the transformation c. A barking dog in the backyard 2. Define the tragedy of the commons in your own words.
- Which of these activities will most likely impose an external cost? A. An athlete works out at a gym. B. A postal worker smokes a cigarette in a crowded break room. C. A young father pushes his baby in a stroller. D. A construction worker eats a hotdog during her lunch break.#1. Lila shares a house with two other people. She is a concert pianist and often practices at home. One roommate enjoys listening to her practice, but the other does not. For the roommate who enjoys listening to Lila play, this is an example of ________; for the other roommate, it is an example of ________. a. the tragedy of the commons; the third-party problem b. a positive externality; a negative externality c. a positive externality; the free-rider problem d. the free-rider problem; the tragedy of the commons e. a negative externality; the tragedy of the commonsThe tragedy of the commons occurs when a. a common-resource good becomes depleted. b. positive externalities are larger than desired. c. a club good cannot be traded. d. the free-rider problem occurs. e. a private good is underproduced.
- What actions does economic theory suggest to help alleviate the tragedy of the commons? What are some methods for managing possible solutions?Define the concepts of public good, non-excludable, non-rival, and tragedy of the commons.#9. Copyright laws exist to a. eliminate negative externalities. b. eliminate public goods. c. limit free-riding. d. solve the tragedy of the commons. e. protect consumers.
- How does the law address either the "Tragedy of the Commons", the free-rider problem, or pollution as an externality?#7. Copyright laws exist in order to a. eliminate negative externalities. b. eliminate public goods. c. limit free-riding. d. solve the tragedy of the commons. e. protect consumers.Explain what is meant by ‘The Tragedy of the Commons’. What are its implications and what policies might help to resolve this issue?
