Exam 17: Public Goods and Common Resources

The absence of incentives to prevent the overuse of a common resource that arises when its users have no incentive to conserve it and use it sustainably is referred to as

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

When a production quota is used to remedy the problem of the commons,then

For a common resource,the marginal private cost curve slopes ________ and the marginal social cost curve slopes ________.

A common resource is

Use the table below to answer the following questions. Table 17.2.1 -In Table 17.2.1,which one of the proposals will have the greatest support?

The air in the atmosphere is

When a good is rival and excludable,it is a

Use the figure below to answer the following questions. Figure 17.3.1 -Figure 17.3.1 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

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

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

An example of a public good is

All of the following statements regarding rational ignorance are true except

Which of the following quotations describes a rival good?

Use the figure below to answer the following question. Figure 17.2.2 -Refer to Figure 17.2.2.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

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.

Cable television and air-traffic control are similar to each other because both of them are

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

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

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