Exam 16: Public Goods and Common Resources

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.If property rights to the pasture are granted to a farmer so that the farmer owns the pasture,the farmer raises

Although both cable television and air traffic control are nonrival,they differ from each other because

Rational ignorance suggests that a voter should stop acquiring more information about an issue when

According to public choice theory,government failure occurs because

Which of the following achieves the efficient use of a common resource?

If the marginal social cost of producing a public good is greater than the marginal social benefit,then

A good that is nonrival and excludable is a

According to public choice theory,a voter will tend to be well informed if the issue in question

An economy's marginal social benefit curve for a private good is obtained by summing the individual marginal

Use the figure below to answer the following questions. Figure 16.2.1 -Refer to Figure 16.2.1.Curve MB_A is Andrew's marginal benefit curve for a public good and curve MB_B is Betty's marginal benefit curve for the same public good.If Andrew and Betty are the only two consumers in the economy,which point would be on the economy's marginal social benefit curve?

Minimum differentiation among the political parties suggests that

When a city street is not congested,it is

Use the information below to answer the following question. Fact 16.2.1 Should Childhood Vaccines Be Mandatory? While Canadian vaccination rates are high,the outbreaks of measles in five provinces during 2014 show that not everyone is getting them.There is no national policy making vaccinations mandatory,although Ontario,New Brunswick and Manitoba require public school students to show their immunization records to attend school. Source: CBC Radio,April 15,2014 -Refer to Fact 16.2.1.Someone who doesn't get vaccinated against measles is a "free rider" because if everyone in a neighbourhood except one person gets vaccinated,then the unvaccinated person

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 efficient quantity is

The air in the atmosphere is

Sharing downloaded music

Setting a production quota does not always achieve the efficient use of a common resource because

The marginal social benefit curve for a public good is derived by

The quantity of a public good produced by private provision

Public choice theory assumes those involved in the political process are motivated by