1d. Suppose your roommates notice that every time they leave a mess in the kitchen, you clean it up for them. How might this incentivize them to behave? What is this example an illustration of? 1e) Consider a newly discovered forest that has no regulations about what can be done with its trees. Can people be prevented from going into the forest and cutting down trees? Explain. 1f) Are the trees rival in consumption? What type of good are the trees? What would you predict to happen to this forest over time and why? What is one policy that might prevent your prediction from happening?
1d. Suppose your roommates notice that every time they leave a mess in the kitchen, you clean it up for them. How might this incentivize them to behave? What is this example an illustration of? 1e) Consider a newly discovered forest that has no regulations about what can be done with its trees. Can people be prevented from going into the forest and cutting down trees? Explain. 1f) Are the trees rival in consumption? What type of good are the trees? What would you predict to happen to this forest over time and why? What is one policy that might prevent your prediction from happening?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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ECONOMICS QUESTIONS
1d. Suppose your roommates notice that every time they leave a mess in the kitchen, you clean it up for them. How might this incentivize them to behave? What is this example an illustration of?
1e) Consider a newly discovered forest that has no regulations about what can be done with its trees. Can people be prevented from going into the forest and cutting down trees? Explain.
1f) Are the trees rival in consumption? What type of good are the trees? What would you predict to happen to this forest over time and why? What is one policy that might prevent your prediction from happening?
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