Question 1

The Tragedy of the Commons results when a good is

Accepted Answer

The Tragedy of the Commons specifically describes a situation where a good is rival in consumption (meaning when one person uses it, it reduces the amount available for others to use) and not excludable (meaning people cannot be prevented from using it). This leads to overuse and depletion of the resource, as each individual has an incentive to use as much as possible while ignoring the long-term consequences for the collective.

Question 2

Which of the following is not a common resource?

Accepted Answer

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

Question 3

One way to eliminate the Tragedy of the Commons is to

Accepted Answer

Limiting access to the commons, either through privatization or regulation, has been shown to be the most effective method to eliminate the Tragedy of the Commons. This allows for individual responsibility and prevents overuse and depletion of the shared resource. Increasing law enforcement or decreasing taxes may not address the root cause of the problem and may even have unintended negative consequences. Increasing access to the commons would exacerbate the issue.

Question 4

Which of the following is most likely to face extinction?

Accepted Answer

Tigers living in the wild are facing a high risk of extinction due to habitat loss, poaching, and other human activities. While dogs, dairy cows, and bald eagles may face certain issues, they are not at the same level of risk as wild tigers.

Question 5

Which of the following is not a common resource?

Accepted Answer

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

Question 6

An overcrowded beach is an example of

Accepted Answer

An overcrowded beach is a classic example of the Tragedy of the Commons, which occurs when a shared resource is overused and eventually depleted because individuals take more than their fair share without considering the long-term consequences. In this case, individuals flock to the beach without considering the impact of their actions on others, leading to overcrowding, environmental damage, and other negative externalities.

Question 7

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

The dirty house is a common resource problem because each roommate contributes to its cleanliness, but no one takes full responsibility for cleaning it.

Question 8

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

Accepted Answer

The Tragedy of the Commons refers to the overuse of a common resource beyond its optimal level, resulting in depletion or degradation of the resource. The other options are not applicable to this concept.

Question 9

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

Accepted Answer

The Tragedy of the Commons is the parable that best describes the problem of wild animals being hunted to the point of extinction. This parable illustrates how individuals acting in their own self-interest can lead to the depletion and destruction of a shared resource, such as a common hunting ground or a shared grazing area. In the case of hunting wild animals, individuals may be motivated by the economic benefits of selling animal products, and they may hunt without regard for the long-term sustainability of the animal population. Over time, the repeated hunting of these animals can lead to their dwindling numbers and eventual extinction.

Question 10

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

Accepted Answer

The Tragedy of the Commons refers to a situation where a shared resource is depleted or destroyed because individuals act in their own self-interest rather than for the common good. Taxing the use of the common resource, regulating its use, and turning it into a private good are all solutions that can help prevent the Tragedy of the Commons. Turning the common resource into a club good, which only allows access to a select group of people, may not address the underlying issue of individuals acting in their own self-interest and could lead to exclusionary practices.

Question 11

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 12

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

Accepted Answer

The quotation "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" illustrates the Tragedy of the Commons, which refers to the tendency for individuals to exploit common resources for their own selfish gain, leading to the depletion or destruction of those resources for everyone.

Question 13

If the use of a common resource is not regulated,

Accepted Answer

If the use of a common resource is not regulated, it will be overused as there are no restrictions or limits placed on its consumption. This leads to depletion of the resource over time, which can have negative consequences on the environment and society as a whole.

Question 14

The Tragedy of the Commons occurs because

Accepted Answer

The Tragedy of the Commons occurs because social and private incentives differ. This means that individuals may prioritize their own self-interest over the common good, leading to overuse or depletion of a shared resource. Without regulations or cooperation, the Tragedy of the Commons can have negative consequences for all members of the community.

Question 15

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 16

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

Accepted Answer

Establishing private ownership of the resource creates an incentive for the owner to efficiently manage and conserve the resource, as they will reap the benefits of doing so. It also eliminates the problem of overuse and allows for the price mechanism to allocate the resource efficiently.

Question 17

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 18

The Tragedy of the Commons occurs because

Accepted Answer

The Tragedy of the Commons occurs because common resources, such as air or water, are rival in consumption, meaning that one person's use of the resource diminishes the amount available for others. This can lead to overuse and depletion of the resource, as individuals act in their own self-interest without considering the negative impact on the collective group. Government inefficiency, future value considerations, and market failures may exacerbate the problem, but the root cause is the inherent rivalry of common resources.

Question 19

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 20

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...

Quiz 11: Public Goods and Common Resources

The Tragedy of the Commons results when a good is

Which of the following is not a common resource?

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?

An overcrowded beach is an example of

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

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

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

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

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

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

If the use of a common resource is not regulated,

The Tragedy of the Commons occurs because

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

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

Neither public goods nor common resources are

The Tragedy of the Commons occurs because

A textbook is a

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