Question 1

Which of the following goods is most likely to be over consumed? Fish in:

Accepted Answer

A)  a pet store 
B)  the grocery store 
C)  the ocean 
D)  a fishery 
A)  a pet store 
B)  the grocery store 
C)  the ocean 
D)  a fishery

Question 2

When a good is not excludable but is rival in consumption the:

Accepted Answer

A)  free rider problem may arise. 
B)  tragedy of the commons may arise. 
C)  good is likely a private good. 
D)  good is likely a common resource. 
A)  free rider problem may arise. 
B)  tragedy of the commons may arise. 
C)  good is likely a private good. 
D)  good is likely a common resource.

Question 3

When government tries to change social norms,they:

Accepted Answer

A)  might run an extensive ad campaign. 
B)  are trying to change people's opinions about their actions. 
C)  try to get consumers to internalize the cost or benefit they cause by their market decision. 
D)  All of these statements are true. 
A)  might run an extensive ad campaign. 
B)  are trying to change people's opinions about their actions. 
C)  try to get consumers to internalize the cost or benefit they cause by their market decision. 
D)  All of these statements are true.

Question 4

When someone does not have to pay for a good it:

Accepted Answer

A)  is rational to overconsume. 
B)  is irrational to overconsume. 
C)  is rational to underconsume. 
D)  means there is zero demand for the good. 
A)  is rational to overconsume. 
B)  is irrational to overconsume. 
C)  is rational to underconsume. 
D)  means there is zero demand for the good.

Question 5

If you can't prevent people from consuming something,then:

Accepted Answer

A)  they have little reason to pay for using it. 
B)  the good is not excludable. 
C)  individuals will likely use it for free. 
D)  All of these statements are true. 
A)  they have little reason to pay for using it. 
B)  the good is not excludable. 
C)  individuals will likely use it for free. 
D)  All of these statements are true.

Question 6

A common resource is:

Accepted Answer

A)  rival in consumption and excludable. 
B)  not rival in consumption, but excludable. 
C)  rival in consumption, but not excludable. 
D)  not rival in consumption and not excludable. 
A)  rival in consumption and excludable. 
B)  not rival in consumption, but excludable. 
C)  rival in consumption, but not excludable. 
D)  not rival in consumption and not excludable.

Question 7

Social disapproval is likely to be more effective:

Accepted Answer

A)  in a small town than a large city. 
B)  in solving a free rider problem than a tragedy of the commons problem. 
C)  than taxation. 
D)  when community members have only spurious relationships with others in the area. 
A)  in a small town than a large city. 
B)  in solving a free rider problem than a tragedy of the commons problem. 
C)  than taxation. 
D)  when community members have only spurious relationships with others in the area.

Question 8

Bans or quotas that limit the use of common resources are straightforward public-policy approaches to solving the problem of overuse if:

Accepted Answer

A)  the community agrees to aid in its enforcement. 
B)  countries have the resources to enforce them. 
C)  the community affected participates in setting the punishments for breaking the policy. 
D)  None of these statements is true. 
A)  the community agrees to aid in its enforcement. 
B)  countries have the resources to enforce them. 
C)  the community affected participates in setting the punishments for breaking the policy. 
D)  None of these statements is true.

Question 9

In a market where the tragedy of the commons arises,the equilibrium quantity is both individually ____________ and collectively __________.

Accepted Answer

A)  inefficient; rational 
B)  rational; inefficient 
C)  irrational; efficient 
D)  efficient; irrational 
A)  inefficient; rational 
B)  rational; inefficient 
C)  irrational; efficient 
D)  efficient; irrational

Question 10

An example of a public good that is difficult to make excludable is:

Accepted Answer

A)  toll roads. 
B)  city buses. 
C)  state universities. 
D)  police protection. 
A)  toll roads. 
B)  city buses. 
C)  state universities. 
D)  police protection.

Question 11

The marginal social benefit is the:

Accepted Answer

A)  benefit gained by the last user. 
B)  sum of the marginal benefit gained by each individual user. 
C)  total benefit gained by the last user. 
D)  sum of the benefit gained by each individual user. 
A)  benefit gained by the last user. 
B)  sum of the marginal benefit gained by each individual user. 
C)  total benefit gained by the last user. 
D)  sum of the benefit gained by each individual user.

Which of the following goods is most likely to be over consumed? Fish in:

When a good is not excludable but is rival in consumption the:

When government tries to change social norms,they:

When someone does not have to pay for a good it:

If you can't prevent people from consuming something,then:

A common resource is:

Social disapproval is likely to be more effective:

Bans or quotas that limit the use of common resources are straightforward public-policy approaches to solving the problem of overuse if:

In a market where the tragedy of the commons arises,the equilibrium quantity is both individually __ and collectively .

An example of a public good that is difficult to make excludable is:

The marginal social benefit is the:

Economics and Life

Specialization and Exchange

Markets

Elasticity

Efficiency

Government Intervention Microeconomics

Consumer Behavior

Behavioral Economics: A Closer Look at Decision Making

Game Theory and Strategic Thinking

Information

Time and Uncertainty

The Costs of Production

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

The Factors of Production

International Trade

Externalities

Taxation and the Public Budget

Poverty, Inequality, and Discrimination

Political Choices

Public Policy and Choice Architecture

Filters

Exam 19: Public Goods and Common Resources

Which of the following goods is most likely to be over consumed? Fish in:

When a good is not excludable but is rival in consumption the:

When government tries to change social norms,they:

When someone does not have to pay for a good it:

If you can't prevent people from consuming something,then:

A common resource is:

Social disapproval is likely to be more effective:

Bans or quotas that limit the use of common resources are straightforward public-policy approaches to solving the problem of overuse if:

In a market where the tragedy of the commons arises,the equilibrium quantity is both individually ____________ and collectively __________.

An example of a public good that is difficult to make excludable is:

The marginal social benefit is the:

Economics and Life

Specialization and Exchange

Markets

Elasticity

Efficiency

Government Intervention Microeconomics

Consumer Behavior

Behavioral Economics: A Closer Look at Decision Making

Game Theory and Strategic Thinking

Information

Time and Uncertainty

The Costs of Production

Perfect Competition

Monopoly

Monopolistic Competition and Oligopoly

The Factors of Production

International Trade

Externalities

Taxation and the Public Budget

Poverty, Inequality, and Discrimination

Political Choices

Public Policy and Choice Architecture

Filters

In a market where the tragedy of the commons arises,the equilibrium quantity is both individually __ and collectively .