The phenomenon known as the tragedy of the commons occurs whenever:
a. the private sector owns resources and manages them tragically.
b. the government owns resources and manages them tragically.
c. there is no ownership of resources, so they become depleted due to lack of management.
d. two countries own the same resource and cannot agree on its management.
Ans: c. there is no ownership of resources, so they become depleted due to lack of management.
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When cyclical unemployment is zero,
A) frictional unemployment is zero. B) cyclical and frictional unemployment are zero. C) structural unemployment is zero. D) the unemployment rate equals the natural unemployment rate. E) the natural unemployment rate is zero.
Which of the following will cause a direct increase in consumption spending?
A) a decrease in net export spending B) an increase in planned investment C) an increase in disposable income D) an increase in government spending