Exam 11: Public Goods and Common Resources

-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.If the government uses individual transferrable quotas to achieve the efficient outcome,what is the total quantity of fish caught?

We determine the economy's marginal benefit curve for a public good or service by

A good or resource from which no one can be excluded and which is nonrival is a

A public good

A public good is ________ and ________.

For a common resource,the marginal private benefit of the resource is

How is the efficient quantity of public goods determined?

A mother notices that when she divides brownies equally between her two children and gives each child her share on a separate plate,the brownies last a long time.But when she gives her children a plate to share,the brownies are gone pretty quickly.The mother concludes from this that brownies given on a single plate are

Government bureaucracies over-provide public goods and grow larger because of their goal of ________ combined with ________ of the voters.

The fact that technology prevents Sam in Nevada from using the email account of Samantha in Virginia means that email is an example of

A common resource is

The free-rider problem is associated with

Why are private firms unable to produce public goods?

A good that is both rival and excludable is

-The above figure shows the marginal private cost curve,marginal social cost curve,and marginal social benefit curve for raising goats on a common pasture.The market equilibrium with no government intervention is raising ________.

If I order a pizza and invite my neighbors to eat it,the pizza is

One reason the size of the government is large is because

A common resource is

Bureaucrats

-The table above shows Anita and Steve's marginal benefits for the annual 4ᵗʰ of July fireworks show at City Park.If Anita and Steve are the only two people in the economy and the marginal cost to produce one minute of fireworks is $28,what is the efficient quantity of fireworks?