Question 1

Which of the following quotations illustrates the Tragedy of the Commons?

Accepted Answer

A)   "A bird in the hand is worth two in the bush."
B)   "The only difference between the rich and other people is that the rich have more money."
C)   "What is common to many is taken least care of,for all men have greater regard for what is their own than for what they possess in common with others."
D)   "Anyone who is not a socialist before he is 30 has no heart;anyone who is still a socialist after he is 30 has no head."E) C) and D)
F) None of the above

Question 2

Which of the following would be considered a private good?

Accepted Answer

A)   national defense
B)   a public beach
C)   local cable television service
D)   a bottle of natural mineral waterE) All of the above
F) A) and B)

Question 3

To achieve the optimal provision of public goods,the

Accepted Answer

A)   market should be allowed to arrive at an equilibrium without government intervention.
B)   government must limit the provision of the goods.
C)   government must tax producers of the goods.
D)   government must either provide the goods or subsidize their production.E) A) and C)
F) None of the above

Question 4

The Tragedy of the Commons

Accepted Answer

A)   occurs most often with public goods.
B)   is only applicable to shared grazing rights among sheep herders.
C)   is eliminated when property rights are assigned to individuals.
D)   occurs when social incentives are in line with private incentives.E) A) and B)
F) B) and C)

Question 5

Since the London congestion toll plan was introduced,

Accepted Answer

A)   vehicle speeds in the city's central business district have increased.
B)   carbon-dioxide emissions from cars and trucks have decreased.
C)   the toll has grown increasingly popular with Londoners.
D)   All of these things have happened.E) B) and D)
F) None of the above

Question 6

An example of a private good would be

Accepted Answer

A)   national defense.
B)   a t-shirt.
C)   a streetlight.
D)   a river.E) B) and D)
F) A) and D)

Question 7

Most goods in the economy are

Accepted Answer

A)   natural monopolies.
B)   common resources.
C)   public goods.
D)   private goods.E) B) and C)
F) A) and B)

Question 8

At the local park there is a playground for children to use.While anyone is allowed to use the playground,it is often very busy,reducing the enjoyment of many of the children who use it.The playground is a

Accepted Answer

A)   private good.
B)   natural monopoly.
C)   common resource.
D)   public good.E) B) and D)
F) C) and D)

Question 9

Which of the following goods is rival and excludable?

Accepted Answer

A)   an uncongested toll road
B)   an uncongested nontoll road
C)   a congested nontoll road
D)   a congested toll roadE) B) and C)
F) None of the above

Question 10

For most goods in an economy,the signal that guides the decisions of buyers and sellers is

Accepted Answer

A)   preference.
B)   government intervention.
C)   quantity.
D)   price.E) A) and C)
F) A) and B)

Exam 11: Public Goods and Common Resources

Most goods in the economy are

Correct Answer
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For most goods in an economy,the signal that guides the decisions of buyers and sellers is

Correct Answer
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To achieve the optimal provision of public goods,the

Correct Answer
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The Tragedy of the Commons

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Which of the following goods is rival and excludable?

Correct Answer
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Which of the following quotations illustrates the Tragedy of the Commons?

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An example of a private good would be

Correct Answer
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Which of the following would be considered a private good?

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At the local park there is a playground for children to use.While anyone is allowed to use the playground,it is often very busy,reducing the enjoyment of many of the children who use it.The playground is a

Correct Answer
verified

Since the London congestion toll plan was introduced,

Correct Answer
verified

Exam 11: Public Goods and Common Resources

Most goods in the economy are

Correct AnswerverifiedShow Answer

For most goods in an economy,the signal that guides the decisions of buyers and sellers is

Correct AnswerverifiedShow Answer

To achieve the optimal provision of public goods,the

Correct AnswerverifiedShow Answer

The Tragedy of the Commons

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Which of the following goods is rival and excludable?

Correct AnswerverifiedShow Answer

Which of the following quotations illustrates the Tragedy of the Commons?

Correct AnswerverifiedShow Answer

An example of a private good would be

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Which of the following would be considered a private good?

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At the local park there is a playground for children to use.While anyone is allowed to use the playground,it is often very busy,reducing the enjoyment of many of the children who use it.The playground is a

Correct AnswerverifiedShow Answer

Since the London congestion toll plan was introduced,

Correct AnswerverifiedShow Answer

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