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Exam 16: Public Goods and Common Resources

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Question 1

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Which of the following activities is a public good?

A) going to school
B) voting
C) smoking
D) getting a flu shot

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B

Question 2

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You work in an office and one of your coworkers has announced his retirement. You have offered to purchase the retirement gift, so you place a collection jar in the lunch room for anonymous donations to help pay for the gift. After a week you find very little money in the jar, so you end up paying for a large share of the retirement gift. You are the victim of the _____ problem.

A) common resource
B) private good
C) overuse of a common resource
D) free-rider

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Question 3

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Bluefin tuna travel in schools throughout the world's oceans. Fishing boats from many nations harvest bluefin tuna as the schools migrate through their national waters. The schools of bluefin tuna are best described as:

The best example of a good that is excludable in consumption is:

Public goods are NOT sold in efficient quantities in the marketplace because:

Which of the following is a private good?

An artificially scarce good is a good or service for which exclusion is _____ and which is _____ in consumption.

When the allocation of resources is such that a different allocation would increase society's welfare, economists say:

Public goods differ from common resources in that both are _____, but public goods are _____, while common resources are _____.

The tendency of people or firms to consume a public good without paying for it is called the _____ problem.

No individual is willing to pay to provide the efficient level of a public good, since the:

In the United Kingdom, most public television programming is paid for by a yearly license fee assessed on every household. Television detection vans go through neighborhoods to detect unlicensed households and keep them from viewing without paying. This is a good example of the _____ provision of _____.

The best example of a good whose consumption is NOT excludable is:

The free-rider problem is a direct result of:

The tendency of people to avoid paying for a good's benefits when the benefits can be obtained for free is called the _____ problem.

National defense and e-books are similar in that both are _____, but they differ in that national defense is _____, while e-books are not.

A public good is a good:

Whether or not they pay for them, people cannot be excluded from receiving the benefits of:

If a good is subject to the free-rider problem and an inefficiently low level of production when left to the private market, the good must be a(n) :

The best example of a public good is: