Exam 11: Public Goods and Common Resources

Uncongested roads are a good example of a:

When a common resource like grazing land, is plentiful and everyone can get all the good grazing land they want, a tragedy of the commons exists.

A fireworks display is a rival good because one person's enjoyment of the fireworks does not reduce anyone else's enjoyment.

In many countries in Africa, elephants roam freely. Each individual African elephant poacher has:

What combination of policies has the Singapore Government used to reduce road congestion and pollution? Why wouldn't this reduction in road congestion occur without government intervention?

As with many public goods, determining the appropriate level of government support for the production of general knowledge is difficult because:

What effect would a tax on petrol have?

What is necessary to convert a wireless internet connection into a common resource?

Cost-benefit analysis can account for risk by adjusting benefits and costs by their probability of occurrence.

It is common knowledge that many national parks have become overused. One possible solution to this problem is to:

Which of the following would be considered a private good?

A consortium of government, local councils, farmers and environmentalists has been created to try and manage the cattle effluent in rural streams. Identify a solution that may manage the resource better and explain how it may improve the water resources and protect them in the future.

The Occupational Safety and Health Administration (OSHA) has determined that the probability of a worker dying from exposure to a hazardous chemical used in the production of diet soft drinks is 0.0005. The cost of imposing a regulation that would ban this chemical is $18 million. If each person saved has a value equal to $10 million, how many people must the policy affect in order for benefits to exceed costs?

One example of private provision of a public good is:

To determine if a good is a common resource or a public good, we need to know:

A good that is not subject to property rights is often:

Basic research is a public good because it:

It is sometimes possible for households to use their neighbours' wireless internet without permission. What type of problem is encountered in this situation and what might be done about it?

Many people around the world are worried about global warming, yet the consumption of oil-derived products is not falling. One possible solution to this problem could be:

The Tragedy of the Commons will be evident when a growing number of crocodile hunters leads to the loss of crocodiles in many rivers: Possible solutions to this problem include: