An example of the tragedy of the commons is:
a. no worldwide fuel economy standard.
b. overfishing in international waters. unsafe fishing practices that trap
c. dolphins and sea turtles.
d. illegal copyright infringement.
Answer: b. overfishing in international waters. unsafe fishing practices that trap
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Which of the following would cause both the equilibrium price and equilibrium quantity of oysters (assume that oysters are a normal good) to decrease?
A) an oil spill that sharply reduces oyster output B) a decrease in consumer income C) a technological advancement in the production of oysters D) an increase in consumer income
Which of the following portions of the national debt impose a net interest burden on the federal government?
a. treasury bonds held by government agencies b. treasury bonds held by private investors c. treasury bonds held by the Federal Reserve system d. treasury bonds held in the Social Security Trust Fund