69. Which of the following is the best example of a public good? a. Music downloads...
69. Which of the following is the best example of a public good?
a. Music downloads
b. Designer clothes
c. Natural forests
d. National defense
70. A street light is a ________.
a. common pool resource good
b. club good
c. private good
d. public good
71. A congested street is ________ in consumption.
a. non-excludable but rival
b. non-excludable and non-rival
c. excludable but non-rival
d. excludable and rival
72. The free-rider problem exists for goods that are ________.
a. non-excludable
b. excludable
c. free
d. rival
Homework Answers
69.There is no rivalry nor excludability in consumption of defense services.
Answer-D
70.A street light is a public good because of no rivalry and non excludability in consumption.
Answer-D
71.A conjested street is rival but not excludable.
Answer-A
72.Free rider problem exists for free goods.
Answer-C
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69. Which of the following is the best example of a
public good?
a. Music downloads...
3) When a city street is not congested, it is A) a private good. B) a...
3) When a city street is not congested, it is A) a private good. B) a public good. C) rival and excludable. D) a common resource E) rival and nonexcludable.
8. Which of the following is an example of a market failure? a) some goods are...
8. Which of the following is an example of a market failure? a) some goods are public (non-excludable and non-rival). b) market activities have externalities. c) insurers cannot distinguish customers who are good risks and bad risks. d) all of the above The free-rider problem means a) people will not consume a public good unless it is free. b) it is efficient to provide a public good for free." c) people treat a public good as if it were free....
Answer the following questions: 1) Give an example of a public good that you consume. ...
Answer the following questions: 1) Give an example of a public good that you consume. → Explain how it is neither excludable nor rival in consumption. 2) Give an example of a club good that you consume. → Explain how it is excludable but not rival in consumption. 3) Give an example of a private good that you consume. → Explain how it is both excludable and rival in consumption. 4) Give an example of a common...
23. Suppose the Environmental Protection Agency (LRT mental Protection Agency (EPA) wants to mandate that all...
23. Suppose the Environmental Protection Agency (LRT mental Protection Agency (EPA) wants to mandate that all methane emissions must be reduced to zero in order to alleviate global warming in the United States. Which of the following describes why most economists would disagree with this policy a. The environment is not worth protecting b. Reducing methane emissions is desirable, but whatever level of pollution firms decide to emit privately is already efficient c. The opportunity cost of zero pollution is...
Usually, the Smithsonian Museum (which is free to enter) is a good example of a public...
Usually, the Smithsonian Museum (which is free to enter) is a good example of a public good. However, when the museum gets crowded, it is a better example of a(n): A. artificially scarce good B. excludable good C. nonrival good D. private good. E. common property resource
IPLE CHOICE. Choose the one alternative that be 1) When a good is rival and excludable,...
IPLE CHOICE. Choose the one alternative that be 1) When a good is rival and excludable, it is a A) natural monopoly. B) public good. C) private good. D) common resource. E) regulated good.
Which of the following statements is (are) correct? (x) A good is nonexcludable if it is prohibitively costl...
Which of the following statements is (are) correct? (x) A good is nonexcludable if it is prohibitively costly to prevent people from using it. (y) When a good is rivalrous in consumption, it means that one person’s use of the good will not diminish another person’s ability to use it, and, as a consequence, more than one person can use the good at the same time. (z) A shirt would be considered a private good because it is excludable and...
1. Which of the following is true of goods that give off negative externalities? ...
1. Which of the following is true of goods that give off negative externalities? a) a competitive industry typically produces too few of these goods b) the social cost is greater than the private cost at a given level of output c) to internalize the externality, the government should remove any tax on the sellers of the product d) both a) and b) are correct e) both b) and c) are...
Which of the following statements is (are) correct? (x) Both public goods and club goods are...
Which of the following statements is (are) correct? (x) Both public goods and club goods are nonrivalrous in consumption but club goods are excludable and public goods are nonexcludable and both common resources and private goods are rivalrous in consumption but private goods are excludable and common resources are nonexcludable. (y) Ralph owns 10 acres of beautiful wooded land. Ralph donates the land to the state with the understanding that the land will be used as a state park. This...
Question 4 (1 point) Which statement describes a public good? a) It is rival in consumption...
Question 4 (1 point) Which statement describes a public good? a) It is rival in consumption and nonexcludable. b) It is nonrival in consumption and nonexcludable. c) It is nonrival in consumption and excludable. d) It is rival in consumption and excludable.
3) When a city street is not congested, it is A) a private good. B) a public good. C) rival and excludable. D) a common resource E) rival and nonexcludable.
8. Which of the following is an example of a market failure? a) some goods are public (non-excludable and non-rival). b) market activities have externalities. c) insurers cannot distinguish customers who are good risks and bad risks. d) all of the above The free-rider problem means a) people will not consume a public good unless it is free. b) it is efficient to provide a public good for free." c) people treat a public good as if it were free....
23. Suppose the Environmental Protection Agency (LRT mental Protection Agency (EPA) wants to mandate that all methane emissions must be reduced to zero in order to alleviate global warming in the United States. Which of the following describes why most economists would disagree with this policy a. The environment is not worth protecting b. Reducing methane emissions is desirable, but whatever level of pollution firms decide to emit privately is already efficient c. The opportunity cost of zero pollution is...
IPLE CHOICE. Choose the one alternative that be 1) When a good is rival and excludable, it is a A) natural monopoly. B) public good. C) private good. D) common resource. E) regulated good.
Question 4 (1 point) Which statement describes a public good? a) It is rival in consumption and nonexcludable. b) It is nonrival in consumption and nonexcludable. c) It is nonrival in consumption and excludable. d) It is rival in consumption and excludable.
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