Question

(1 point) The tragedy of the commons refers to
A. The failing of common people to vote in their own interest
B. The common issues that arise when public goods are underprovided
C. The overgrazing of common areas when agents pursue their own self-interest
D. When common goods become privatized
6. (1 point) The main gist of Elinor Ostrom’s work on common resources is
Collective action problems, like overusing a common resources, are inevitable since everyone
follows their own self-interest
CR can be well-managed locally if there are good institutions
CR can only be managed at small levels
7. (1 point) Elinor Ostrom is the only woman to have won the Nobel Memorial Prize in Economics
True False
8. (1 point) The fact that Ostrom detailed many examples of successful local CR management in the real
world means that
A. She‘s a sucker. Give me some math or get out of here!
B. Any CR can be managed locally.
C. Local CR management can work in theory as well

Answer 1

The tragedy of commoon refers to C- THE OVERGRAZING OF COMMON AREAS WHEN AGENTS PURSUE HEIR OWN SEF-INTEREST. It is because it happens when individual act in their own self interest rather than forgeting the interest of all the people.

Answer 6- CR can be well-managed locally if there are good institutions. The reason is simply because defining definite boundaries and respecting the relevant authority can help in better management.

Answer 7- TRUE. She is the only woman to have won a nobel prize in economics.

Answer 8- The answer is B- Any CR can be managed locally. This can happen when proper authorities are there.