Exam 11: Public Goods and Common Resources

Apparently, human life does have an implicit dollar value, due to the observable fact that people take voluntary risks every day.

Jack decides to build a lighthouse close to a nearby port. If he turns the light off, ships avoid that port. Which statement is true?

Markets work well for some goods but poorly for others. For which of the following goods would markets be expected to work poorly?

If everyone prefers a society without poverty, then which of the following statements is true:

In Australia, crocodiles are farmed for their leather and meat. Australian crocodile numbers have been increasing. In India, native crocodile species are protected and can't be harvested but populations have been falling. Explain why harvest in Australia has led to more crocodiles and contrast with India.

The Tragedy of the Commons occurs because:

Which of the following factors are most important to the success of resource allocation policy? (i) the policy must be well planned and well run (ii) policymakers must have access to good information about the value of resources and how they affect economic wellbeing (iii) policymakers must have altruistic motives for helping society

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

If a road is uncongested, then use of that road by an additional person would lead to a:

Ten friends who love to ski decide to pool their financial resources and equally share the cost of a one-week timeshare unit in the Blue Mountains of New South Wales. If lift lines at the ski resort become more congested when these 10 additional people start to ski, then:

Tolls can be used to alter people's incentives to drive during rush hour.

Using a toll to reduce traffic when congestion is greatest is a:

If a poacher starts hunting tigers in a reserve then:

If the use of a common resource is not regulated, it:

The efficient provision of public goods is more difficult than the efficient provision of private goods.

Which of the following would be considered a common resource good?

When one person uses a common resource, she diminishes other people's enjoyment of it. This is an example of:

In many countries in Africa, elephants roam freely. Each individual African elephant poacher has:

Which of the following is true of environmental degradation? (i) it is a common resource problem (ii) it can be remedied through Pigovian taxes (iii) it is a form of market failure (iv) it is always best resolved by direct regulation

What is necessary to convert a wireless internet connection into a common resource?