Which of the Following Occurs When a Resource Held Jointly

question 21

Multiple Choice

Which of the following occurs when a resource held jointly by all,but owned by no one,is overused by individuals,resulting in its degradation?

• A)social loafing
• B)cultural relativism
• C)tragedy of the commons
• D)deadweight loss
• E)capital deepening

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Definitions:

Perpetual Inventory System

A financial recording method where sales or purchases of inventory are immediately captured through the use of computerized point-of-sale systems and software for managing enterprise assets.

Gross Method

An accounting practice where purchase discounts are ignored unless taken, with full invoice amounts recorded in the accounts payable.

Invoice Price

The price of goods as listed on the invoice, typically before any discounts, taxes, or additional charges.

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.