Table of contents

1. Introduction to Macroeconomics1h 57m
2. Introductory Economic Models59m
3. Supply and Demand3h 43m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Price Floors3h 40m
6. Introduction to Taxes1h 25m
7. Externalities1h 3m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. Introducing Economic Concepts49m
11. Gross Domestic Product (GDP) and Consumer Price Index (CPI)1h 37m
12. Unemployment and Inflation1h 15m
13. Productivity and Economic Growth1h 17m
14. The Financial System1h 37m
15. Income and Consumption52m
16. Deriving the Aggregate Expenditures Model1h 22m
17. Aggregate Demand and Aggregate Supply Analysis1h 18m
18. The Monetary System1h 1m
19. Monetary Policy1h 32m
20. Fiscal Policy1h 0m
21. Revisiting Inflation, Unemployment, and Policy46m
22. Balance of Payments30m
23. Exchange Rates1h 16m
24. Macroeconomic Schools of Thought40m
25. Dynamic AD/AS Model35m
26. Special Topics11m

8. The Types of Goods

The Free Rider Problem and the Tragedy of the Commons

Macroeconomics

8. The Types of Goods

The Free Rider Problem and the Tragedy of the Commons

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Multiple Choice

Which of the following environmental issues is not an example of the tragedy of the commons?

Increased atmospheric carbon dioxide due to burning of fossil fuels

Spread of an invasive species

Depletion of fish stocks in the world's oceans

Deforestation

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Verified step by step guidance

Understand the concept of the 'tragedy of the commons', which refers to a situation where individuals, acting in their own self-interest, deplete a shared resource, leading to its eventual degradation.

Identify the key characteristics of the tragedy of the commons: a shared resource, individual self-interest, and overuse leading to depletion or degradation.

Analyze each environmental issue presented in the problem to determine if it fits the characteristics of the tragedy of the commons.

Consider 'Increased atmospheric carbon dioxide due to burning of fossil fuels': This involves a shared resource (the atmosphere) and individual actions (burning fossil fuels) leading to a collective problem (increased CO2 levels).

Evaluate 'Spread of an invasive species': This does not involve a shared resource being depleted by individual actions, but rather an ecological imbalance caused by the introduction of non-native species, which does not fit the tragedy of the commons framework.