Exam 11: Public Goods and Common Resources

The national defense of the United States is not excludable because

A New York legislator wanted to create a deposit on cigarettes butts. If implemented, people would have the incentive to 1) not toss cigarette butts onto public streets and sidewalks, and 2) pick butts up to redeem them for the cash. The degradation of the environment from littered cigarette butts is a

Because of the free-rider problem,

Each of the following is likely to be a successful way for the government to solve the problem of overuse of a common resource except

Table 11-2 Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family's willingness to pay for each streetlight. -Refer to Table 11-2. Suppose the cost to install each streetlight is $360 and the families have agreed to split the cost of the streetlights equally. If the families vote to determine the number of streetlights to install, basing their decision solely on their own willingness to pay and trying to maximize their own surplus), what is the greatest number of streetlights for which the majority of families would vote "yes?"

A vacation home in Malibu is

Table 11-2 Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family's willingness to pay for each streetlight. -Refer to Table 11-2. Suppose the cost to install each streetlight is $900 and the families have agreed to split the cost of installing the streetlights equally. If the residents choose to install the number of streetlights that will maximize total surplus from the streetlights, how much total surplus will the Greene family receive?

Government intervention cannot improve the allocation of resources for goods that do not have prices attached to them.

A mobile phone is a

Figure 11-1 -Refer to Figure 11-1. A mathematical theorem is an example of general knowledge. In which of the boxes - A, B, C, or D - does a mathematical theorem belong?

Figure 11-1 -Refer to Figure 11-1. The box labeled B represents

Table 11-2 Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family's willingness to pay for each streetlight. -Refer to Table 11-2. Suppose the cost to install each streetlight is $360 and the families have agreed to split the cost of installing the streetlights equally. To maximize their own surplus, how many streetlights would the Greene's like the town to install?

Which of the following is an example of general knowledge, as opposed to specific knowledge that can be patented?

The Great Lakes are

Why has the value of ivory threatened the extinction of the elephant, whereas the value of beef has enhanced the survival of the cow?

In what way do common resources give rise to negative externalities?

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 will split the cost of the final bill evenly among each of the people at the table. A Tragedy of the Commons problem is likely for each of the following reasons except

Which of the following goods is nonrival in consumption and excludable?

When a good is rival in consumption,

In almost all cases of common resources, the same problem arises as in the Tragedy of the _______.