Exam 19: Public Goods and Common Resources

When faced with a market failure, the government:

Which type of good is rival in consumption and excludable?

If consumers of common resources were subject to a tax equal to the external costs imposed due to the negative externality created, their demand curve would shift _______ and they would consume _______.

When government bodies use their power to impose limits on how much of a resource is consumed:

The tragedy of the commons is the:

Which of the following is not a consideration when attempting to eliminate a free rider problem?

When the free rider problem is present in a market: what people pay for a good is often less than the real value they place on it. the good will likely be overconsumed. the good is rival in consumption.

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

If you can't prevent people from consuming a good, then:

A road would be considered a public good if it is:

Which of the following is a good or service that is rival in consumption?

The marginal social benefit of a public good is the:

When consumers don't have to pay for a common resource, the market experiences:

Which of the following is a public good?

Social disapproval as a means of changing society's attitudes and fixing the free rider problem is likely to be more effective:

Netflix movies that are viewed by streaming over the Internet would be considered:

Which of the following is not a result of the government privatizing a common resource?

The depletion of a common resource due to individually rational, but collectively inefficient, overconsumption is called:

Which type of good is most likely to be subject to market failure?

Without correction, the quantity of a common resource that is exchanged will occur where: