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AGEC 315 Exam 3 Graded A+

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AGEC 315 Exam 3 Graded A+ c. Open- access resource ️In the late 1800s there were no laws restricting the killing of buffalo on the Great Plains of the United States. Which type of good did buffalo in the 1800s represent? A. Private good B. Club good C. open-access resource D. Publi...

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  • October 19, 2024
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  • 2024/2025
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AGEC 315 Exam 3 Graded A+

c. Open- access resource ✔️In the late 1800s there were no laws restricting the killing of buffalo on the
Great Plains of the United States. Which type of good did buffalo in the 1800s represent?

A. Private good

B. Club good

C. open-access resource

D. Public good



C. An aquifer with no defined property rights ✔️Which of the following goods is rival and non
excludable?

A. A scenic view of a wheat field

B. Wheat

C. An aquifer with no defined property rights

D. A fishery with a system of individual tradable quotas



D. All of the above ✔️A major difference between a private good and a public good is that:

A. Private goods are excludable, public goods are not.

B. Private goods can be produced in efficient quantities while public goods generally are not

C. Private goods are rival in consumption, public goods are not

D. All of the above



C. pollution permit ✔️Individual tradable quotas (ITQs) are like a(n)____________ policy.

A. subsidy

B. import tariff

C. pollution permit

D. command and control

,True ✔️Public goods will tend to be under-provided in the free market. T/F



False ✔️Only government solutions lead to the economically efficient use of open-access resources. T/F



False ✔️It is relatively easy to define property rights for water, but governments are simply unwilling to
do so. T/F



False ✔️The positive externality of open-access resources is that if one person uses the resource it does
not diminish the ability of others users to use the same resource. T/F



False ✔️The public good aspect of animal welfare indicates that the private market will efficiently
provide animal welfare through labeled food products. T/F



True ✔️One reason for the lack of water markets is because transferring water can have negative
environmental impacts. T/F



A. open-access resources and public goods ✔️Goods that are non-excludable include both:

A. open-access resources and public goods

B. Private and public goods

C. natural monopolies and open-access resources

D. only public goods, since no other goods are non excludable



D. Most people will not pay a firm to provide natural landscapes. ✔️Suppose that a firm plans to
provide natural landscapes on the fringes of the urban development. Which of the following is TRUE?

A. Most people will find it in their self-interest to pay the firm to provide natural landscapes.

B. Natural landscapes are a private good, so the firm will make a lot of profit.

C. The firm will not provide natural landscapes to people who refuse to pay for the landscapes.

D. Most people will not pay a firm to provide natural landscapes.

, B. cannot; nonexcludable ✔️A person_____________ be cheaply prevented from using national
defense, a(n)______________ good.

A. can; excludable

B. cannot: nonexcludable

C. cannot; excludable

D. can; nonexcludable



C. people can be prevented from using the good. ✔️When a good is excludable:

A. one person's use of the good prevents another's ability to use it.

B. everyone is excluded from using the good.

C. people can be prevented from using the good.

D. no more than one person can use the good at one time.



C. of the free rider problem ✔️People have little incentive to produce a public good because:

A. fixed costs are usually high

B. production is impossible

C. of the free rider problem

D. social benefits are typically less than total costs.



C. I and III only ✔️Which of the following statements is TRUE?

I. In order for society to have a sufficient level of a public good, the government can tax the public and
raise funds to provide the good.

II. For every person that uses the public good, many more people are prevented from using it.

III. People do not have an incentive to voluntarily pay for nonexcludable goods.

A. I and II only

B. III only

C. I and III only

D. I, II, and III

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