Homework Answers
Answer-12 The correct option is a.) has the properties of both private and public good.
A mixed good is the one which possess characteristics of both private and public good.
Answer-13 The correct option is b.) the marginal cost of an additional consumer is zero.
When goods are non-rival in consumption, the efficient price is zero.
Answer-14 The correct option is b.) gross weight of the vehicle
Toll depends on the infrastructure damage, which is differentiated by vehicle weight.
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12. A "mixed" public good is one which a) has the properties of both private and public goods. b) is provided by both t...
Public Goods EBE2053/EXERCISE 5 1. A pure public good is: a. one that can easily be...
Public Goods EBE2053/EXERCISE 5 1. A pure public good is: a. one that can easily be sold by the unit. b. one that is nonrival in consumption. c. one whose benefits are not subject to exclusion. d. both (b) and (c) 2. The marginal cost of providing a certain quantity of a pure public good to an additional consumer after it is provided to any one consumer is: a. zero. b. positive and increasing. c. positive and decreasing. d. positive...
1. A pure public good is: a. one that can easily be sold by the unit....
1. A pure public good is: a. one that can easily be sold by the unit. b. one that is nonrival in consumption. c. one whose benefits are not subject to exclusion. d. both (b) and (c) 2. The marginal cost of providing a certain quantity of a pure public good to an additional consumer after it is provided to any one consumer is: a. zero. b. positive and increasing. c. positive and decreasing. d. positive and constant. 3. The...
True or False 1. Public goods are provided by the government or not at all. The...
True or False
1. Public goods are provided by the government or not at all. The second largest source of tax revenue for the federal government is social insurance taxes (Social Security and Medicare taxes). Other things equal, an economy's marginal willingness to pay for a non-rival good is likely to be higher the larger the population. Spending on the social security program is not included in the unified budget because it is “off-budget." Market failure cannot occur if non-rival...
Module 15: The following paragraph concerns questions 46 to 49. A public good is defined to...
Module 15: The following paragraph concerns questions 46 to 49. A public good is defined to be non-exclusive and non-rival. A good is (46) if people can not be excluded from consuming it. Also, a good is (47) if the provision of the good to an additional consumer has a marginal cost of zero. One of the problems related to the provision of public goods is the existence of (48), i.e. consumers who do not pay for a non-exclusive good...
8. Which of the following is an example of a market failure? a) some goods are...
8. Which of the following is an example of a market failure? a) some goods are public (non-excludable and non-rival). b) market activities have externalities. c) insurers cannot distinguish customers who are good risks and bad risks. d) all of the above The free-rider problem means a) people will not consume a public good unless it is free. b) it is efficient to provide a public good for free." c) people treat a public good as if it were free....
19. The marginal external cost of dumping wastewater into a watershed is $100 per unit of effluent. Efficiency can be a...
19. The marginal external cost of dumping wastewater into a watershed is $100 per unit of effluent. Efficiency can be achieved by levying an effluent fee at a) a rate high enough to stop firms from dumping altogether. b) the firms' current marginal willingness to pay to dump. c) $100. d) None of the above. 20. An economy is efficient if a) resources are employed where they have highest economic value. b) the marginal willingness to pay (MWTP) for a...
5. In a Lindahl equilibrium, a. each consumer purchases a pure public good up to the...
5. In a Lindahl equilibrium, a. each consumer purchases a pure public good up to the point at which his or her marginal benefit equals the marginal social cost of the good. b. each person pays a tax per unit of the pure public good equal to his or her marginal benefit. c. the sum of the marginal benefits of all consumers equals the marginal social cost of the good. d. both (a) and (c) e. both (b) and (c)...
The policy of laissez-faire was a. promoted by John Stuart Mill b. attacked by Adam Smith...
The policy of laissez-faire was a. promoted by John Stuart Mill b. attacked by Adam Smith c. suggested by Karl Marx d. invented by Lyndon Johnson The free rider problem refers to people who a. will only consume a public good if it is free. b. are not willing to pay for a public good because they lack information about its potential benefits. c. will not voluntarily pay for a public good even though they would benefit from its provision....
Question 2 of 10 10 Ο Points Toll-free roads sometimes get congested, such as during rush-hour...
Question 2 of 10 10 Ο Points Toll-free roads sometimes get congested, such as during rush-hour traffic. During those times, we would say that these roads are O A nonexcludable and rival O B excludable and rival O C excludable andnonrival O D nonexcludable and nonrival 10 0 Points Question 3 of 10 Jennifer buys a piece of costume jewelry for $33, for which she was willing to pay $42 The minimum acceptable price to the seller, Nathan, was $30...
Market failure questions Determining which public goods to provide requires governments to a. Issue licenses Salmon...
Market failure questions Determining which public goods to provide requires governments to a. Issue licenses Salmon are potentially overfished because they are a common resource is rival in consumption a common resource that is underutilized. A public good. d. All of the above а. b. b. Minimize tax burdens с. c. Perform cost-benefit analyses d. Resolve all externalities. Voting rates are low in the U.S compared to other countries because a. It is not mandatory b. Marginal benefits are less...
True or False
1. Public goods are provided by the government or not at all. The second largest source of tax revenue for the federal government is social insurance taxes (Social Security and Medicare taxes). Other things equal, an economy's marginal willingness to pay for a non-rival good is likely to be higher the larger the population. Spending on the social security program is not included in the unified budget because it is “off-budget." Market failure cannot occur if non-rival...
Module 15: The following paragraph concerns questions 46 to 49. A public good is defined to be non-exclusive and non-rival. A good is (46) if people can not be excluded from consuming it. Also, a good is (47) if the provision of the good to an additional consumer has a marginal cost of zero. One of the problems related to the provision of public goods is the existence of (48), i.e. consumers who do not pay for a non-exclusive good...
8. Which of the following is an example of a market failure? a) some goods are public (non-excludable and non-rival). b) market activities have externalities. c) insurers cannot distinguish customers who are good risks and bad risks. d) all of the above The free-rider problem means a) people will not consume a public good unless it is free. b) it is efficient to provide a public good for free." c) people treat a public good as if it were free....
19. The marginal external cost of dumping wastewater into a watershed is $100 per unit of effluent. Efficiency can be achieved by levying an effluent fee at a) a rate high enough to stop firms from dumping altogether. b) the firms' current marginal willingness to pay to dump. c) $100. d) None of the above. 20. An economy is efficient if a) resources are employed where they have highest economic value. b) the marginal willingness to pay (MWTP) for a...
Question 2 of 10 10 Ο Points Toll-free roads sometimes get congested, such as during rush-hour traffic. During those times, we would say that these roads are O A nonexcludable and rival O B excludable and rival O C excludable andnonrival O D nonexcludable and nonrival 10 0 Points Question 3 of 10 Jennifer buys a piece of costume jewelry for $33, for which she was willing to pay $42 The minimum acceptable price to the seller, Nathan, was $30...
Market failure questions Determining which public goods to provide requires governments to a. Issue licenses Salmon are potentially overfished because they are a common resource is rival in consumption a common resource that is underutilized. A public good. d. All of the above а. b. b. Minimize tax burdens с. c. Perform cost-benefit analyses d. Resolve all externalities. Voting rates are low in the U.S compared to other countries because a. It is not mandatory b. Marginal benefits are less...
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