Exam 11: Public Goods and Common Resources

Four friends decide to meet at a Chinese restaurant for dinner.They decide that each person will order an item off the menu and they will share all dishes.They also decide that,when the final bill for the meal comes,they will split the cost evenly among each of the people at the table.When the food is delivered to the table,each person faces incentives similar to which of the following

The value and cost of goods provided in an economy are easier to determine when those goods are which of the following

Why does excessive fishing occur

According to experience,what is the most effective solution to highway congestion

What is the proper method to fight poverty in a society

On hot summer days,electric-generating capacity is sometimes stretched to the limit.At these times,electric companies sometimes ask people to voluntarily cut back on their use of electricity.What would an economist recommend

Why does market failure with common resources occur

The town of Turner Valley does not have any public snow plows.Anyone who wants their street cleared of snow must hire a private snow plow company to do it for $75.Shelby,Ravi,and Mandy all live on a dead-end street,with Shelby living at the very end of it.Each one values snow removal at $50.At present,the snow is never cleared from the street.What can we conclude

For use in cost-benefit analysis,how is the value of a human life sometimes calculated

What does it mean when a good is rival in consumption

What are the fish in the ocean an example of

What is a free rider

Some goods can switch between being public goods and private goods depending on the circumstances.

For both public goods and common resources,why does an externality arise

The profit motive that stems from private ownership has proven to be detrimental to elephant populations.

If we can conclude that human life has a finite value,cost-benefit analysis can lead to solutions in which human life is worth less than the cost of a potential project.

Roads can be considered either public goods or common resources,depending on how congested they are.

When a good is excludable but not rival in consumption,what is it an example of

Under which condition will the Tragedy of the Commons problem occur

To most economists,what is the best solution to the overcrowding problem at some of Canada's national parks