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# Principles of Microeconomics

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## Quiz 16 : Externalities, Public Goods, and Common Resources

Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. Figure 16.1 -Refer to Figure 16.1. ________, 60 bags of fertilizer will be produced.
Free
Multiple Choice

C

Vaccinations convey ________ to third parties.
Free
Multiple Choice

A

Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. Figure 16.1 -Refer to Figure 16.1. The ________ imposed as a result of producing the efficient level of fertilizer is $250. Free Multiple Choice Answer: Answer: B A well-maintained house and yard is an example of Multiple Choice Answer: Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. Figure 16.1 -Refer to Figure 16.1. What is the total damage imposed as a result of producing the efficient level of fertilizer? Multiple Choice Answer: Assuming there are no externalities, if a firm is producing at an output level where the benefits to consumers are less than the cost to the suppliers to produce it, then price Multiple Choice Answer: Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. Figure 16.1 -Refer to Figure 16.1. To force this firm to produce the ________ level of output, the government should ________ of$5.00 per bag of fertilizer.
Multiple Choice
The many types of pollution do not include ________ pollution.
Multiple Choice
Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. Figure 16.1 -Refer to Figure 16.1. The efficient amount of fertilizer is
Multiple Choice
Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. Figure 16.1 -Refer to Figure 16.1. The ________ amount of fertilizer is 50 bags.
Multiple Choice
Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. Figure 16.1 -Refer to Figure 16.1. Absent government intervention, how much fertilizer will be produced?
Multiple Choice
Air pollution generated by a steel mill is an example of
Multiple Choice
Assuming there are no externalities, if a firm is producing at an output level where the benefits to consumers exceed the cost to the suppliers to produce it, then price
Multiple Choice
Second hand cigarette smoke is an example of a(n)
Multiple Choice
Refer to the information provided in Figure 16.1 below to answer the question(s) that follow. Figure 16.1 -Refer to Figure 16.1. What is the total damage imposed as a result of producing the market (unregulated) level of fertilizer?
Multiple Choice
An externality is
Multiple Choice