Exam 17: Public Goods and Common Resources

Use the figure below to answer the following questions. Figure 17.3.2 -Figure 17.3.2 shows the marginal private cost curve,marginal social cost curve,and marginal social benefit curve for raising goats on a common pasture.A quota that results in the common resource being used efficiently is set at

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

A natural monopoly is

To attract a majority of voters,a political party will

A public good is

Rational ignorance suggests that voters will

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

All of the following statements regarding rational ignorance are true except

In the equilibrium for a common resource with no government regulation,

Which of the following quotations describes a rival good?

Rational ignorance

Use the figure below to answer the following questions. Figure 17.3.2 -Figure 17.3.2 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

Use the figure below to answer the following questions. Figure 17.2.1 -Refer to Figure 17.2.1.Curve MB_A is Andrew's marginal benefit curve for a private good and curve MB_B is Betty's marginal benefit curve for the same private 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?

Public choice theory predicts that government

Use the figure below to answer the following question. Figure 17.2.3 -Refer to Figure 17.2.3.The graph provides information about a waste disposal system in a city of 1 million people.If the city installs the efficient capacity,then each person pays ________ in taxes.

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

When a city street is not congested,it is

Use the table below to answer the following questions. Table 17.2.1 Number of Voters Current Income Income after Proposal A Income after Proposal B Income after Proposal C 25 \ 10,000 \ 15,000 \ 20,000 \ 5,000 25 \ 20,000 \ 25,000 \ 20,000 \ 18,000 25 \ 40,000 \ 45,000 \ 40,000 \ 38,000 25 \ 90,000 \ 75,000 \ 80,000 \ 99,000 -In Table 17.2.1,which one of the proposals will have the greatest support?

A good that is nonrival and excludable is a