Microeconomics Study Set 10
Quiz 19: Public Goods and Common Resources
An Example of a Public Good That Is Difficult to Make
An example of a public good that is difficult to make excludable is: A) toll roads. B) city buses. C) state universities. D) police protection.
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Nonexcludability,in the case of rival goods,causes: A) inefficiently high demand. B) inefficiently low demand. C) efficient, high demand. D) efficient, low demand.
The combination of inefficiently high demand and dwindling quantity leads to what is called: A) the free rider problem. B) nonexcludable consumption. C) rival in consumption. D) the tragedy of the commons.
The tragedy of the commons is the: A) undersupply of a public good due to people not wanting to pay for a publicly common good. B) disappearance of certain markets due to the lack of willingness to pay by individuals, leading to collective misfortune. C) depletion of a common resource due to individually rational but collectively inefficient overconsumption. D) notion that common resources are generally under consumed and therefore not produced by suppliers due to artificially low demand.
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