In the Tragedy of the Commons Parable, If the Medieval

question 362

Multiple Choice

In the Tragedy of the Commons parable, if the medieval townspeople had foreseen the tragedy, then they could have dealt with the problem in much the same way that modern society deals with

• A)fire protection.
• B)poverty.
• C)pollution.
• D)national defense.

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Definitions:

Mortgagee's Claim

A claim made by the lender or mortgage holder for payment of the outstanding loan balance from the proceeds of a foreclosure sale.

Due On Sale Clause

A provision in a mortgage allowing the lender to demand full repayment if the property is sold.

Mortgage

A mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the borrower's property, with the condition that the conveyance of title becomes void upon the payment of the debt.

Remaining Balance

The total amount still owed on a debt or loan, not including current or future interest.