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Which of the following would be an example of the Tragedy of the Commons?
Tragedy of the Commons by definition is when individuals act in their own interest towards a common resource (fish, timber, buffalo, etc.) which, when done by everybody, is not in the best interest of conservation. The result is maximized short-term profit for all parties but also depletion of the resource.
The decline of the New England cod fishery was due to many individuals harvesting for their own personal profit with no consideration toward the collective impact on the fish population, and the result was a population decline that has yet to recover.
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The company you are working for has been found liable of improper storage and handling of hazardous waste, which has resulted in environmental contamination. How might this affect you economically?
While taxpayers initially foot the bill for a superfund cleanup, the company responsible is financially obligated to reimburse the EPA for the cost of cleanup. Individual employees are not accountable, but the cost of funding an environmental cleanup can bankrupt a firm, leaving their employees jobless.
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Your friend comes back from mountain hiking and claims to have found a sample of pure phosphorus in rock form. Why should you be suspicious of his find?
Pure phosphorus cannot be found in nature due to it's reactive nature. It can be purified and isolated in laboratories, but generally, you can find phosphorous in baking powder, soil, fireworks, and it often is a component of minerals.
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The Millennium Ecosystem Assessment (2005) brought to our attention the term “ecosystem services.” An ecosystem service is defined as any positive benefit that wildlife or ecosystems provide to humans. Erosion control, pollination, and water purification are all examples of which of the following types of ecosystem services?
The correct answer choice is "regulating services." A regulating service is any service that minimizes negative impacts to humans (e.g. flood control), or facilitates human production (e.g. honeybees that pollinate crops).
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