Exam 17: Public Goods and Common Resources

John receives a marginal benefit of $80 from one satellite. Nick receives a marginal benefit of $50 from one satellite. Christina receives a marginal benefit of $65 from one satellite. John, Nick, and Christina are the only people in the economy What is the economy's marginal social benefit from one satellite?

If voters are rationally ignorant, the quantity of national defence provided by the government will be

Use the figure below to answer the following questions. Figure 17.3.2 -Figure 17.3.2 shows the marginal private cost curve, marginal social cost curve, and marginal social benefit curve for raising goats on a common pasture. A quota that results in the common resource being used efficiently is set at

Rational ignorance suggests that

When a city street is congested, it is

Use the information below to answer the following question. Fact 17.2.1 Should Childhood Vaccines Be Mandatory? While Canadian vaccination rates are high, the outbreaks of measles in five provinces during 2014 show that not everyone is getting them. There is no national policy making vaccinations mandatory, although Ontario, New Brunswick and Manitoba require public school students to show their immunization records to attend school. Source: CBC Radio, April 15, 2014 -Refer to Fact 17.2.1. Someone who doesn't get vaccinated against measles is a "free rider" because if everyone in a neighbourhood except one person gets vaccinated, then the unvaccinated person

Use the figure below to answer the following question. Figure 17.2.3 -Refer to Figure 17.2.3. The graph provides information about a waste disposal system in a city of 1 million people. If the city installs the efficient capacity, then each person pays ________ in taxes.

An example of a public good is

A Canada Day fireworks display

According to public choice theory, a voter will tend to be well informed if the issue in question

A common resource is

Which one of the following goods is nonexcludable?

Governments provide public goods such as national defence because

Which of the following quotations describes a rival good?

In the equilibrium for a common resource with no government regulation,

The construction of the economy's marginal social benefit curve for a public good reflects the fact that

Which one of the following goods exhibits nonexcludability?

According to public choice theory, a voter will favour a candidate whose political program is

A good that is rival and nonexcludable is a

When a production quota is used to remedy the problem of the commons, then