a. are private goods.
b. are rival in consumption and excludable.
c. are available free of charge.
d. are available only at very high prices.
a. public goods, but not with common resources.
b. common resources, but not with public goods.
c. both public goods and common resources.
d. neither public goods nor common resources.
a. a fireworks display
b. national defense
c. a box of sparklers
d. a parade
a. private goods
b. club goods
c. common resources
d. public goods
a. private good
b. club good
c. common resource
d. public good
Refer to Table 11-1. Suppose the cost to build the park is $24 per acre. How many acres should the park be to maximize total surplus from the park in Springfield?
a. 1 acres
b. 2 acres
c. 3 acres
d. 4 acres
Refer to Table 11-1. Suppose the cost to build the park is $24 per acre and that the residents have agreed to split the cost of building the park equally. If the residents vote to determine the size of park to build, basing their decision solely on their own willingness to pay (and trying to maximize their own surplus), what is the largest park size for which the majority of residents would vote “yes?”
a. 0 acres
b. 1 acre
c. 2 acres
d. 3 acres
Refer to Table 11-1. Suppose the cost to build the park is $24 per acre and that the residents have agreed to split the cost of building the park equally. To maximize his own surplus, how many acres would Cedric like Springfield to build?
a. 0 acres
b. 1 acre
c. 2 acres
d. 3 acres
a. a common resource problem.
b. a public good.
c. a club good.
d. All of the above are correct.
Which of the following is not a way for the government to solve the problem of excessive use of common resources?
a. regulation
b. taxes
c. turning the common resource into a public good
d. turning the common resource into a private good
a. The neighborhood divides the lot into equal size plots and each family can plant and harvest only on their plot.
b. The neighborhood continues to work the land and sow the seeds as a group, but sells all of the produce to willing buyers and reinvests the proceeds into the garden for the next year.
c. The neighborhood decides to stop gardening on this land because there is no equitable way to allocate the produce.
d. Both a and b are possible solutions to this example of the Tragedy of the Commons
a. that all beach visitors pay the same entry fee regardless of the day of the week or time of the year.
b. that the beach limit the number of visitors to 500 per day, without an entry fee.
c. an entry fee be charged on summer weekend days when many people tend to visit the beach.
d. that only local residents be admitted to the beach.
a. Private markets could easily solve them if governments left the markets alone.
b. They would all go away if the government sponsored an intensive public-information campaign.
c. They are all the result of a failure to establish clear property rights over something of value.
d. They are all the result of a failure of corrective taxes.
Refer to Figure 11-1. A gym membership at a gym that always has space in classes and on machines is an example of the type of good represented by Box
a. A.
b. B.
c. C.
d. D.
d. D.
Refer to Figure 11-1. A tornado siren in a small town is an example of the type of good represented by Box
a. A.
b. B.
c. C.
d. D.
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