Tragedy of Commons Refers To

question 92

Multiple Choice

Tragedy of commons refers to:

• A)a problem that is created when everything is privately owned.
• B)a situation when the resources are owned by the government and the common people have limited access to them.
• C)a problem that arises when government takes incorrect measures which adversely affect common people.
• D)a problem that is created when everyone has an access to a particular resource.
• E)the adverse situation that arises when the government fails to take adequate measures to solve common problems.

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Definitions:

Obsession

A persistent and intrusive thought or idea that preoccupies a person's mind, often leading to compulsive behavior.

Quantity Theorists

Economists who believe that the quantity of money available in an economy significantly affects its price levels and inflation rates.

Inflation

The rate at which the general level of prices for goods and services is rising, leading to a decrease in the purchasing power of money.

Milton Friedman

An American economist and Nobel laureate who was a leading proponent of monetarism and free-market capitalism.