Which of the Following Quotations Illustrates the Tragedy of the Commons

question 1

Multiple Choice

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

• A)"A bird in the hand is worth two in the bush."
• B)"The only difference between the rich and other people is that the rich have more money."
• C)"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."
• D)"Anyone who is not a socialist before he is 30 has no heart; anyone who is still a socialist after he is 30 has no head."

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Definitions:

Weighted-Average Method

An inventory costing method that assigns a cost to inventory on the basis of the weighted average cost of all similar goods available during the period.

Cost of Ending Work in Process Inventory

This refers to the total cost of materials, labor, and overhead that remains in production at the end of an accounting period, still not fully completed.

Equivalent Units of Production

A concept used in cost accounting to assign costs to partially completed goods, converting them into the amount of finished goods units.

Weighted-Average Process Costing System

An accounting method used to compute the cost per unit in a process environment by averaging the costs over all units produced in a period.