In 1968 Garrett Hardin Described the Tragedy of the Commons

question 90

Multiple Choice

In 1968 Garrett Hardin described the tragedy of the commons. The classic example of the commons is a pasture where any community member can graze his livestock. What would be the modern equivalent of the commons?

• A) mass public entertainment, such as the circus and rock concerts
• B) natural resources, like water, air, forests, and plants
• C) the Internet
• D) jobs
• E) shopping malls and retailers

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Definitions:

Factory Overhead Cost

Represents indirect manufacturing costs not directly attributable to specific units or batches of production, such as maintenance and utilities.

Insurance Premiums

Regular payments made to an insurance company in exchange for coverage, protecting against possible financial losses or liabilities.

Factory Heating and Lighting

This refers to the costs associated with heating and illuminating manufacturing facilities, often considered as part of the overhead expenses in product costing.

Product Costs

The costs directly associated with manufacturing a product, including direct materials, direct labor, and overhead.