Exam 19: Public Goods and Common Resources

A government will use its power to make up for the inadequate supply of a good to:

Local governments, rather than private citizens, are typically the providers of large fireworks displays. This is because fireworks displays: suffer from the free rider problem. are non-excludable. are rival in consumption.

Which of the following is an excludable good or service?

Free riders receive _______ externalities from _______.

Which of the following goods is most likely to be overconsumed?

Which of the following statements is true about government bans as a solution to the tragedy of the commons?

Fireworks would be considered:

When a good is rival in consumption:

A road would be considered a common resource if it is:

Which type of good is excludable, but not rival in consumption?

Which of the following public goods would be the easiest for the government to make excludable?

When the optimal quantity of consumption is zero for a given good, _______ is often the best solution.

Public goods, when left to the private market, will often be:

Private goods are:

Which of the following is a modern example of privatizing a common resource?

Markets work well for allocating _______ efficiently, but not always so well for allocating _______.

Which of the following is a "design principle" that makes informal, community-based solutions to common-resource problems more effective?

In a market where the tragedy of the commons arises, the equilibrium quantity is both individually _______ and collectively _______.

The combination of inefficiently high demand and dwindling quantity leads to what is called:

In a functioning market, people will buy a good up to the point where: