Exam 16: Public Goods and Common Resources

Use the figure below to answer the following question. Figure 16.2.2 -Refer to Figure 16.2.2.The graph shows the marginal social benefit and marginal social cost of a garbage disposal system in a city of 1 million people.If voters are well informed about the costs and benefits of the garbage disposal system,the political equilibrium of garbage is

Which one of the following goods is excludable?

Use the figure below to answer the following questions. Figure 16.3.1 -Figure 16.3.1 shows the marginal private cost curve,marginal social cost curve,and marginal social benefit curve for cod,a common resource.The equilibrium quantity in an unregulated market is

Use the figure below to answer the following questions. Figure 16.3.1 -Figure 16.3.1 shows the marginal private cost cure,marginal social cost curve,and marginal social benefit curve for cod,a common resource.To achieve an efficient quantity,the price of an ITQ is set at

Public goods are provided by government because

Private provision of public goods

An individual transferable quota is a production limit that

The tragedy of the commons is the absence of incentives to

The construction of the economy's marginal social benefit curve for a public good reflects the fact that

The "tragedy of the commons" refers to

Free riding can occur if a good is

Public choice theory predicts that government

A natural monopoly good is

The efficient scale of provision of a public good occurs where

Use the table below to answer the following questions. Table 16.2.1 -In Table 16.2.1,which one of the proposals will have the least support?

A common resource is

A public good is

Use the figure below to answer the following questions. Figure 16.3.2 -Figure 16.3.2 shows the marginal private cost curve,marginal social cost curve,and marginal social benefit curve for raising goats on a common pasture.The equilibrium in an unregulated market is

When a good is rival and excludable,it is a

Rational ignorance