Question 1

Which of the following is not a typical solution to the "Tragedy of the Commons?"

Accepted Answer

Turning the common resource into a club good is actually a solution to the tragedy of the commons. This means that access to the resource is restricted to a certain group of people who pay a fee or membership dues to use the resource. This helps to prevent overuse and depletion of the resource. A, C, and D are typical solutions to the tragedy of the commons, which involve either limiting access to the resource through regulation or privatizing the resource.

Question 2

Four roommates share an off-campus house and equally share the cost of rent. Everyone says that she values a clean house, yet the house is usually dirty. To an economist, a clean house in this case represents

Accepted Answer

This is a common resource problem because the clean state of the house is a finite resource that is not owned by any individual roommate, so there is no incentive for any one person to take responsibility for keeping it clean.

Question 3

Which of the following is not a common resource?

Accepted Answer

The answer of Which of the following is not a...

Question 4

The overuse of a common resource relative to its economically efficient use is called

Accepted Answer

The Tragedy of the Commons refers to the situation where a commonly used resource is overused because individuals act in their own self-interest and ignore the negative effects on society as a whole. This leads to an economically inefficient use of the resource. The other options do not specifically relate to this concept.

Question 5

Each of the following is likely to be a successful way for the government to solve the problem of overuse of a common resource except

Accepted Answer

The answer of Each of the following is likely to...

Question 6

An overcrowded beach is an example of

Accepted Answer

An overcrowded beach is an example of a Tragedy of the Commons, as it is a situation where a commonly owned resource (the beach) is overused and depleted due to individuals acting in their self-interest and not considering the overall welfare of the community. This results in a negative outcome for all users of the beach, such as reduced enjoyment, safety concerns, and environmental damage.

Question 7

The Tragedy of the Commons occurs because

Accepted Answer

The Tragedy of the Commons occurs when individuals act in their own self-interest and exploit a commonly owned resource without considering the negative impact on others. In this scenario, social incentives to preserve the resource differ from private incentives to profit from its exploitation. The lack of a clear property right over the resource leads to overuse and depletion, causing harm to all users. Therefore, choice C is the best answer as it describes the root cause of the Tragedy of the Commons.

Question 8

A textbook is a

Accepted Answer

A textbook is a private good because it is excludable and rivalrous; only the person who purchases the textbook can use it, and its use by one person prevents its simultaneous use by another. The knowledge gained from reading the textbook, however, is a public good because it is non-excludable and non-rivalrous; once a person has gained knowledge, it does not prevent others from also gaining that knowledge, and others cannot be easily excluded from gaining the same knowledge.

Question 9

If the use of a common resource is not regulated,

Accepted Answer

When a common resource is not regulated, it is likely to be overused as people tend to take more than their fair share with no consequences. This is known as the tragedy of the commons.

Question 10

Each of the following would be considered a common resource except a

Accepted Answer

The answer of Each of the following would be considered...

Question 11

One way to eliminate the Tragedy of the Commons is to

Accepted Answer

The tragedy of the commons occurs when individuals use a shared resource in their own self-interest, leading to depletion or degradation of the resource. Limiting access to the commons can prevent overuse and preserve the resource for future generations. Increasing law enforcement may be ineffective or costly, increasing access may lead to more overuse, and decreasing taxes may not directly address the issue of the tragedy of the commons.

Question 12

Which of the following is most likely to face extinction?

Accepted Answer

Tigers living in the wild are facing extensive loss of habitat due to human activities such as deforestation, hunting, and poaching. They are also often targeted for their body parts, which are used in traditional medicine. As a result, their population has drastically decreased and they are critically endangered. In contrast, dogs as household pets and dairy cows on farms are both actively bred and managed by humans, making their extinction less likely. Bald eagles living in zoos are also well-protected and have been successfully bred in captivity, making their extinction less likely than wild tigers.

Question 13

Which of the following is not a common resource?

Accepted Answer

The answer of Which of the following is not a...

Question 14

Which of the following quotations illustrates the Tragedy of the Commons?

Accepted Answer

This quote, from Aristotle, directly refers to the concept of the Tragedy of the Commons, which explains why shared resources are often exploited and depleted because no individual takes responsibility for their well-being.

Question 15

Which parable describes the problem of wild animals that are hunted to the point of extinction?

Accepted Answer

The Tragedy of the Commons is a parable that describes the depletion of a shared resource due to individuals pursuing their own self-interests. This is often used to explain the overhunting of wild animals, as individuals try to maximize their own gains without considering the long-term impact on the population.

Question 16

Neither public goods nor common resources are

Accepted Answer

Public goods are both non-excludable (meaning it is difficult or impossible to prevent non-payers from consuming the good) and non-rival (consumption by one person does not reduce availability for others), while common resources are non-excludable but rival (consumption by one person reduces availability for others). Therefore, neither public goods nor common resources are fully excludable, but only public goods are fully non-rival.

Question 17

One economically efficient way to eliminate the Tragedy of the Commons is to

Accepted Answer

Establishing private ownership of the resource provides individuals with an incentive to use the resource efficiently and sustainably because they directly benefit from its preservation. This creates a system of incentives that aligns individual self-interest with the common good, eliminating the Tragedy of the Commons. Taxing the owners of the resource would simply increase costs without providing any incentive for efficiency, while preventing anyone from using the resource would be economically inefficient if the resource has value. Reducing the marginal social benefit of the resource would be difficult to accomplish and may not be effective in eliminating the Tragedy of the Commons.

Question 18

The Tragedy of the Commons occurs because

Accepted Answer

The Tragedy of the Commons occurs because common resources are rival in consumption, meaning that one person's use of the resource reduces the amount available for others. This leads to overuse and depletion of the resource, as individuals prioritize their own short-term gain over the long-term health of the resource.

Question 19

Which of the following is not a way for the government to solve the problem of excessive use of common resources?

Accepted Answer

The answer of Which of the following is not a...

Question 20

The Tragedy of the Commons results when a good is

Accepted Answer

The Tragedy of the Commons occurs when a good is rival in consumption, meaning that one person's use of the good diminishes others' ability to use it, but it is not excludable, meaning that people cannot be easily prevented from using it. This results in overuse and depletion of the resource, as individuals act in their own self-interest rather than considering the long-term consequences for the group.

Quiz 11: Public Goods and Common Resources

Which of the following is not a typical solution to the "Tragedy of the Commons?"

Four roommates share an off-campus house and equally share the cost of rent. Everyone says that she values a clean house, yet the house is usually dirty. To an economist, a clean house in this case represents

Which of the following is not a common resource?

The overuse of a common resource relative to its economically efficient use is called

Each of the following is likely to be a successful way for the government to solve the problem of overuse of a common resource except

An overcrowded beach is an example of

The Tragedy of the Commons occurs because

A textbook is a

If the use of a common resource is not regulated,

Each of the following would be considered a common resource except a

One way to eliminate the Tragedy of the Commons is to

Which of the following is most likely to face extinction?

Which of the following is not a common resource?

Which of the following quotations illustrates the Tragedy of the Commons?

Which parable describes the problem of wild animals that are hunted to the point of extinction?

Neither public goods nor common resources are

One economically efficient way to eliminate the Tragedy of the Commons is to

The Tragedy of the Commons occurs because

Which of the following is not a way for the government to solve the problem of excessive use of common resources?

The Tragedy of the Commons results when a good is