Exam 16: Public Goods and Common Resources

For a private good,the economy's marginal social benefit curve is the ________ sum of the individual marginal benefit curves and for a public good,the economy's marginal social benefit curve is the ________ sum of the individual marginal benefit curves.

All of the following statements regarding rational ignorance are true except

The idea that the platforms of the political parties will tend to become similar over time is

One way to alleviate the tragedy of the commons is to

If a good is a public good,

Public choice theory predicts that

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 greatest support?

Which of the following applies to the tragedy of the commons? I.In the absence of government action,there is an absence of incentives to prevent the overuse of the common resource. II.When consumers take account of the marginal social benefit and marginal social cost,overuse of the resource occurs. III.Even with government action,it is impossible for an efficient level of output to be achieved.

Growing voter income can lead to the growth of the government sector because

According to public choice theory,a voter will favour a candidate whose political program is

If voters are rationally ignorant,the quantity of national defence provided by the government will be

Which one of the following goods is nonexcludable?

When a good is nonrival and nonexcludable,it is a

Competitors who make themselves identical to appeal to the maximum number of voters illustrate the

The efficient use of a common resource requires that the ________ equals the ________.

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 efficient quantity is

When a city street is congested,it is

If property rights are assigned to a common resource,then the

Competition between two political parties will cause those parties to propose policies

A Big Mac is