Exam 11: Public Goods and Common Resources

You are studying with a friend and your friend says,"private goods are excludable and nonrival,while public goods are nonexcludable and rival." Do you agree?

Which of the following represents an efficient quantity of a public good? The quantity at which the

-The figure above shows the marginal cost and marginal benefit of police protection in the city of Hugo,Oklahoma.Police protection is a public good.The efficient number of officers that should be hired by the city of Hugo is

For a common resource such as fish,the marginal private benefit ________ the marginal social benefit and the marginal private cost ________ the marginal social cost.

Which of the following is the best example of a private good?

-The above figure shows the marginal private cost curve,marginal social cost curve,and marginal social benefit curve for cod,a common resource.The efficient outcome is ________.

National defense is a ________ because ________.

When use of a good decreases the quantity available for someone else,the good is

-The table above shows the marginal social benefit of fishing in Mediterranean Sea.The marginal private cost of operating a fishing boat is the same for all producers ,$300 per hour.The marginal social cost is twice the marginal private cost.With no government intervention,the market is

-Paul and Paula are the only members of society.The table above gives their marginal benefits from missile gunboats,a public good.Determine the marginal benefit to society of the fourth missile gunboat.

If no one can be excluded from receiving the benefits of a good or service and the consumption of the good or service does not decrease the amount available to someone else from consuming it,then the good

Competition in the political marketplace can result in the efficient provision of a public good if

Which of the following is the best example of a common resource?

One important feature that distinguishes a private good from a public good is that

-Ten homeowners live around Lake Alice.Unfortunately,the lake is contaminated with various chemicals and the level of contamination is currently 20 parts per million.All the homeowners benefit equally if the level of contamination is reduced.The table above gives the marginal cost and marginal benefit for removing the contaminants from the lake. a.What will be the parts per million if the homeowners alone are in charge of reducing the contaminants? b.What is the efficient amount of contamination?

The marginal benefit of a public good ________ as more of the good is produced.

Why are fish in the ocean an example of a resource that suffers from the tragedy of the commons but cattle grazing in a farmer's pasture do not suffer from the tragedy of the commons?

A library is a public good.The marginal cost curve for libraries in Lafayette,California

Voters typically are have information only about issues that have a perceptible effect on their well-being and tend not to have information about other issues.Behavior such as this is known as

An example of a common resource is