Exam 16: Public Choices and Public Goods

A movie shown on a pay-per-view cable station is an example of

When external benefits exist, which of the following can produce the efficient amount of output? I. vouchers II) private subsidies III) taxes IV) marketable permits.

A good which is nonrival and nonexcludable is

The figure shows the supply curve (S) and the demand curve (D) for college education. The external benefit from college education is $6,000 per student per year and is constant. -In the figure above, if the government provides a subsidy to colleges of $6,000 per student per year, what is the tuition?

A free rider problem is created by private goods.

-Broomfield city council is deciding how many police officers the city needs. Broomfield's population is 10,000 people. The marginal cost of a police officer is $60,000 per year. The marginal benefit schedule of an average city resident from police protection is shown in the table above. Police protection is a public good. To support the efficient number of police officers, each resident of Broomfield will have to pay ________ per year in taxes.

What does it mean for a good to be "nonexcludable"? Are private goods nonexcludable? Are public goods nonexcludable? Are common resources nonexcludable?

-The efficient level of college enrollment in Inland is

Rock climbing areas are often on public lands. These areas, which are often crowded, are classified as

The HPV vaccine protects against human papillomavirus (HPV) that causes cancer. It protects both the person getting the vaccine and the sexual partners of that person. To encourage the efficient number of people to be vaccinated the government could

-The figure above illustrates the marginal benefit and marginal cost of different quantities of national defense. What is the political equilibrium if voters are well informed?

"I know that my vote alone will not influence whether or not any new foreign trade legislation is enacted, so I have decided not to spend the time learning about various legislative proposals." This quote reflects an example of

If there are externalities present in a market, resources are allocated efficiently when marginal social cost equals marginal social benefit.

You are studying with a friend and your friend says, "Private goods are excludable and nonrival, while public goods are nonexcludable and rival." Do you agree?

-In the above table, if the market is perfectly competitive and unregulated, at the equilibrium level of output, the marginal social benefit per unit is

Which of the following is the BEST example of a common resource?

-In the above figure, if a subsidy is granted to producers that generates an efficient level of production, then the deadweight loss will be

Why does government provide educational opportunities in the form of vouchers, subsidies, and public provision?

-In the above figure, the unregulated, competitive market equilibrium is tuition of ________ and the equilibrium quantity is ________ students in college.

Education at a private university is NOT a public good because it is