HW 8 AGEC 315 Graded A+
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
In the 1800s t...
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
In the 1800s there were no laws restricting the killing of buffalo on the Great Plains of the U.S. Which
type of good did buffalo in the 1800s represent?
a. private good
b. club good
c. open-access resource
d. public good ✅c. open-access resource
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
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, man more people are prevented form using it
III. people do not have an incentive to voluntarily pay for non-excludable goods.
a. I and II only
b. I and III only
c. II only
d. I, II, and III ✅b. I and III only
the public good aspect of animal welfare indicates that the private market will efficiently provide animal
welfare through labeled food products. True/false ✅false
tuna fish are being driven to extinction because of over fishing. if all the fisherman know about this, why
don't they fish less to slow down the extinction?
a. the kind of fishing equipment that is used does not allow for smaller catches
b. a lack of well-defined property rights over the stock of tuna fish in the sea
c. the fisherman do not realize that their way of life will also become extinct
d. people don't value the preservation of fish species ✅b. lack of well-defined property rights over the
stock of tuna fish in the sea
which of the following is an example where the Tragedy of Commons is most likely to occur?
a. a small aquifer with a few farmers irrigating from it, where the farmers are in a community
organization together
b. a large aquifer with tradable quotas for extracting water
c. a lobster fishery
d. a forest managed by a small community in rural Mexico ✅
which of the following is an example where the Tragedy of Commons is most likely to occur?
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