A neighborhood voted to develop a vacant lot into a vegetable garden. All of the neighbors worked the land and sowed the seeds. A few neighbors picked and ate the produce before the other neighbors had a chance. Which of the following could solve this example of the Tragedy of the Commons?
a. The neighborhood divides the lot into equal size plots and each family can plant and harvest only on their plot.
b. The neighborhood continues to work the land and sow the seeds as a group, but sells all of the produce to willing buyers and reinvests the proceeds into the garden for the next year.
c. The neighborhood decides to stop gardening on this land because there is no equitable way to allocate the produce.
d. Both a and b are possible solutions to this example of the Tragedy of the Commons
d
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Use the above table. Assuming constant opportunity costs, the opportunity cost of producing knives in country Alpha is ________, and the opportunity cost of producing knives in country Beta is ________
A) 2 forks; 0.33 knife B) 0.5 knife; 3 forks C) 1.5 forks; 0.25 fork D) 0.67 fork; 4 forks
The cyclical surplus is $450 billion, potential output is $10 trillion and tax rate is 15 percent. With this information, we can infer that the actual output of this economy is:
A. $13.5 trillion. B. $6.5 trillion. C. $6 trillion. D. $13 trillion.