The country of New Zealand decides to take 50% of its nation’s lottery money and use it to buy 1,000 acres of common grazing land in every county upon which any New Zealand shepherd may graze their sheepfor free, no strings attached. Based upon what you have learned in this class, economists would expect that:

Question

A) the common grazing land would be under-utilized and the grass would become overgrown.
B) the common grazing land would be over-used and would become barren wasteland with little or no grass left.
C) the sheepwould catch the swine flu.
D) None of the above.