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:

Adjusting Entries

Journal entries made in an accounting period to update the records for accruals and deferrals that have not been fully recorded during the period.

Deferral

A future revenue or expense initially recorded as a liability or asset.

Prepaid Rent

An expense that is paid in advance for the use of property or equipment, recognized over the period of usage.

Adjusting Entry

A journal entry made in accounting records at the end of an accounting period to allocate income and expenses to the periods in which they actually occurred.