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1) the tragedy of the commons occurs when a resource held in common by all, but
owned by no one, is overused by individuals, resulting in its degradation.
2) a country's balance of payments accounts keep track of both its payments to and its
receipts from other countries.
3) the skills within the firm that competitor can easily match or imitate are known as
core competencies.
4) in practice, the biggest problem arising from economic mismanagement has been
rising interest rates.
5) exporting may not be appropriate if lower-cost locations for manufacturing the
product can be found abroad.
