Figure 11-1 Rival in Consumption? Yes No Excludable? Yes No A B C D Refer to Figure 11-1. A membership at a gym that always has space in classes and on machines is an example of the type of good represented by Box a. C. b.A. c. B. d.D.
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- Which of the following is the best example of a good that is excludable and non- rivalrous on consumption? Select one: O a. a lighthouse O b. a radio broadcast O c. fishing O d. cable television O e. police protectionWhich of the following will most likely generate positive externalities of consumption? a. A hot dog vendor. b. Public education. c. An automobile d. A city bus e. A polluting factory9. An ice cream cone is A) excludable and rival in consumption. B) excludable and not rival in consumption. C) not excludable and rival in consumption. D) not excludable and not rival in consumption. E) a good breakfast 10. Which of the following is the best example of a public good (nonexcludable and nonrival)? a. an iPod. b. a bottle of soda. c. clean air. c. an economics lecture. e. a highway.
- Economics Which of the following goods is nonexcludable? O a can of Coke O a concert at Radio City Music Hall O national defense O an apartment buildingwhat is an externality? give an example of a postiive externality and an example of negative externalitySuppose Troutsville (population of 4) wants to put on a firework display. Leslie would get $40 worth of benefit, Mark would get $30 worth of benefit, Maggie would get $20 worth, and Erika would get $10 worth. What is the socially efficient amount to spend on the display? a. $25, the average of their benefitsb. $10, the minimum of their benefitsc. $40, the max of their benefitsd. impossible to telle. $100, the sum of their benefits
- Fish that swim in international waters are a common good that are freely available toanyone who wants to catch them, but this leads to the problem of over-fishing. At theheart of this problem lies an externality. Using appropriate diagrams andaccompanying discussion, show both how and why this over-fishing takes place. Inyour explanation, identify the source of the externality.*** Addresseach of the following statements, justifying using economic principles your view(s): a. Efficient provision of a public good occurs at the levelat which each member of society places the same value on the last unit b. If a good is nonrival andexcludable, it will never be produced by the private sector С. A road is nonrival because on person's use of it does not reduce another person's use of it d. Larger communities tend to consumergreater quantities of a nonrival good that smaller communities.Which of the following are examples of positive externalities. A. Light pollution from cities making it more difficult for observatories to view distant stars. B. Job losses associated with a factory closure in the United States, because a factory was opened in Mexico to replace it. C. Reduced crime rates stemming from rapid economic growth and reduced unemployment. D. Pollution emissions from power plants. E. Reduced prices for all manner of electronic goods due to free trade with China and low-cost manufacturing there. F. Unsightly oil rigs offshore from Santa Barbara, diminishing the quality of the view for beachgoers and coastal homeowners. G. High gas prices caused by rapid demand growth in China. H. Reduced incidence of the common flu stemming from more people obtaining flu shots during the Fall. I. Noise pollution emanating from windmills on the North Shore of Oahu. J. Noise from traffic on a busy street.…
- Which of the following is an example of an externality? (x) cigarette smoke that permeates an entire restaurant (y) a flu shot that prevents a student from transmitting the virus to her roommate (z) a beautiful flower garden outside of the local post office Select one or more: a. (x), (y) and (z) b. (x) and (y) only c. (x) and (z) only d. (y) and (z) only e. (y) onlyQUESTION 43 Which of the following is an example of the "free rider problem?" O A consumer uses a grocery coupon to receive one free can of beans when they buy one. O Getting a free ice cream at Graeters since you have eamed enough points fro the cone. O Drivers on the new public highway towards the Intel site. OA thief steals someone's walet and uses the cash to buy lunch. QUESTION 44 In the presence of a negative externality the costs of production only incurred by the firm are O a. The external costs Ob The exterior costs Oc Private cost Od. The public costs. QUESTION 45 The wage is to labor as O a Rent is to entrepreneurship O b. Price is to human capital Oc. Interest is to economic capital O d. Profit is to financial capital. AMacmillan Learning (Figure: Public Goods and Common Resources) Use Figure: Public Goods and Common Resources. The figure lists the type of goods that are available for consumption. Panel D depicts a good that is both nonrival in consumption and nonexcludable. Such a good would be considered a: Rival in consumption Excludable Non- excludable O private good. club good. O public good. common resource. Nonrival in consumption B