AGEC 315 Exam 3 Guaranteed Success
In the 1800's there we no laws restricting the killing of buffalo on the Great Plains of the United States.
Which type of good did buffalo in the 1800's represent?
a. private good
b. club good
c. open-access resource
d. public good c. open-access resou...
In the 1800's there we no laws restricting the killing of buffalo on the Great Plains of the United States.
Which type of good did buffalo in the 1800's represent?
a. private good
b. club good
c. open-access resource
d. public good ✅c. open-access resource
Which of the following goods is rival and nonexcludable?
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 ✅c. an aquifer with no defined property rights
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 ✅d. all of the above
A person _____________ be cheaply prevented from consuming beef, a(n) ______________________
good.
a. can; excludable
, b. cannot; nonexcludable
c. cannot; excludable
d. can; nonexcludable ✅a. can; excludable
Individual tradable quotas (ITQs) are like a(n) ________________ policy.
a. subsidy
b. import tariff
c. pollution permit
d. command and control ✅c. pollution permit
Public goods will tend to be under-provided in the free market. True or False. ✅True
Only government solutions lead to the economically efficient use of open-access resources. True or
False. ✅False
It is relatively easy to define property rights for water, but governments are simply unwilling to do so.
True or False. ✅False
An example of a nonconsumptive use of water is the recreational use of a lake. True or False. ✅True
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. True or False. ✅False
The public good aspect of animal welfare indicates that the private markets will efficiently provide
animal welfare through labeled food products. True or False. ✅False
One reason for the lack of water markets is because transferring water can have negative environmental
impacts. True or False ✅True
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