One Economically Efficient Way to Eliminate the Tragedy of the Commons

question 14

Multiple Choice

One economically efficient way to eliminate the Tragedy of the Commons is to

• A)tax the owners of the resource.
• B)prevent anyone from using the resource.
• C)reduce the marginal social benefit of the resource.
• D)establish private ownership of the resource.

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Definitions:

James II

Brother to Charles II, he became the king of England, Scotland, and Ireland, remembered for his attempts to reinstate Catholicism and his subsequent ousting in the Glorious Revolution.

Governor Edmund Andros

A colonial administrator in North America, known for his unpopular governorship in the Dominion of New England, where his actions sparked resistance among the colonists.

Glorious Revolution

The overthrow of King James II of England in 1688 by a union of Parliamentarians and the Dutch stadtholder William III of Orange-Nassau, leading to a constitutional monarchy in England.

Charter Revoked

A situation where an official document granting rights, privileges, or authority is taken back or annulled by the granting authority.