You Are the Mayor of a Small Town with 2000

question 90

Multiple Choice

You are the mayor of a small town with 2000 residents.The head of your economic development agency recently conducted a survey in which the 2000 residents said that a public concert in the centre of town would be worth $20 to each of them.Since it costs only $5000 to hold the concert,you organized and held the concert,which everyone in town enjoyed.But when you asked for donations to pay for the concert,you only collected $30 in total.What do you know

• A)The survey certainly overstated how much the concert was worth to each resident.
• B)From the standpoint of total costs and benefits, the cost of the concert certainly exceeded the benefit.
• C)The concert was an example of the Tragedy of the Commons.
• D)Residents of the town were probably free riders.

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Definitions:

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A prolonged conflict in which each side seeks to gradually wear down the other by a series of small-scale actions.

Immigrant Sentiment

Public or collective attitudes, often mixed or negative, towards immigrants and immigration policymaking within a country.

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An American industrialist and founder of the Ford Motor Company, who revolutionized factory production with his assembly line methods.

Theodore Roosevelt

The 26th President of the United States (1901-1909) known for his exuberant personality, range of interests and achievements, and the "Square Deal" domestic policies.