Which of the following quotations illustrates the Tragedy of the Commons?
a. "A bird in the hand is worth two in the bush.".
b. "The only difference between the rich and other people is that the rich have more money.".
c. "What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others.".
d. "Anyone who is not a socialist before he is 30 has no heart; anyone who is still a socialist after he is 30 has no head.".
c
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Keynesian economics
a. affirms the classical economists' basic premise concerning competitive markets b. believes that monopolies and unions tend to be permanent fixtures in our economy and the prices they create tend to be flexible, at least downward c. emphasizes that an economy can never be in equilibrium at less than full employment d. prefers to emphasize aggregate supply over aggregate demand e. believes that unemployment results when aggregate demand is insufficient to reach a full-employment level of real GDP
Because of transactions which take place in the underground economy, the
a. GDP calculation tends to overstate the actual value of goods sold in the economy. b. GDP calculation tends to accurately portray the value of goods sold in the economy. c. GDP calculation tends to understate the actual value of goods sold in the economy. d. value of the GDP calculation will be equal to the value of the national income calculation. e. value of the GDP calculation through the expenditure approach will be greater then the value calculated through the income approach.