Exam 11: Public Goods and Common Resources

Suppose the government has enacted policies to influence the amount of good x that is supplied. These policies are most likely to improve the allocation of resources if good x is

Too few resources are devoted to the creation of knowledge because profit-seeking firms

The Tragedy of the Commons occurs because

A variable toll on a road in Washington reached a high during the evening rush hour of $5.75. This toll bought the drivers who paid it a 27 minute time savings. Which of the following is correct?

Figure 11-1 -Refer to Figure 11-1. Which of the following items is not a clear-cut example of the type of good represented by Box D?

Which of the following goods is the best example of a public good?

A local park filled with picnickers is

Which of the following types of goods are rival in consumption?

Most lighthouses are operated by the government because

Stewart is a lobsterman. His traps are

Figure 11-1 -Refer to Figure 11-1. Emma's use of good x does not affect anyone else's use of good x. Neither Emma nor anyone else can be prevented from using the good. Good x is an example of the type of good that belongs in

Which of the following statements is true of the tax on gasoline?

The enclosure movement in England in the 17th century represented an attempt to transform

Under which of the following scenarios would a park be considered a public good?

Studies that compare the wages of more risky and less risky occupations estimate the value of a human life to be about

Why is the commercial value of ivory a threat to the elephant, while the commercial value of beef is the cow's guardian?

Which of the following goods is rival and excludable?

Table 11-1 Consider the town of Springfield with only three residents, Sophia, Amber, and Cedric. The three residents are trying to determine how large, in acres, they should build the public park. The table below shows each resident's willingness to pay for each acre of the park. -Refer to Table 11-1. Suppose the cost to build the park is $24 per acre and that the residents have agreed to split the cost of building the park equally. If the residents vote to determine the size of park to build, basing their decision solely on their own willingness to pay and trying to maximize their own surplus), what is the largest park size for which the majority of residents would vote "yes?"

Advocates of antipoverty programs claim that fighting poverty is a public good.

Using a toll to reduce traffic when congestion is greatest is an example of a