Question

1. The [ Select ] ["Private Goods", "Public Property", "Tragedy of the Commons", "Benefits of the Commons"] is applicable both to the public pasture lands it refers originally to and any area of economic life where a good is collectively owned and private benefits can be gleaned from leading to over-usage.   

2.

The Cross-Price elasticity between 2 goods is negative implying that they are[ Select ] ["normal", "complements", "inferior", "substitutes"] goods

The Cross-Price elasticity between 2 goods is positive implying that they are [ Select ] ["inferior", "substitutes", "complements", "normal"] goods

3.

Question 29 1 pts A more modern and problematic example of Economic Rent Seeking in terms of seeking more payment without contributing more is O Political Lobbying All of the above None of the above Seeking a higher rate of pay from another employer Negotiating salary

Answer 1

1)

Answer: tragedy of common.

This is common resource that is overutilized by the users. All have equal reach to such resources.

2)

Answer : complement.

Complement goods have negative elasticity of demand. Rise in price of one good leads to the fall in the demand for another good.

Answer: substitute

Elasticity of demand is positive in the case of substitute good.