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ECON 111 || QUESTIONS AND ANSWERS 100% PASSED!!
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Both public goods and common resources are: a. excludable b. nonexcludable c. rival d. nonrival correct answers b. nonexcludable An uneducated grandmother who does not have children living with her but pays for public school education through her property tax is a: a. absent rider. b....

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  • August 20, 2024
  • 23
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • both public goods and common resources are a exc

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  • ECON 111
  • ECON 111

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ECON 111 || QUESTIONS AND ANSWERS 100%
PASSED!!
Both public goods and common resources are:
a. excludable
b. nonexcludable
c. rival
d. nonrival correct answers b. nonexcludable

An uneducated grandmother who does not have children living with her but pays for public
school education through her property tax is a:
a. absent rider.
b. forced rider.
c. free rider.
d. nonrider. correct answers b. forced rider.

Bluefin tuna are:
a. nonrival and nonexcludable.
b. nonrival and excludable.
c. rival and excludable.
d. rival and nonexcludable. correct answers d. rival and nonexcludable.

Although the provision of club goods is ________, we typically consider it ________.
a. inefficient; a big deal because it leads to many forced riders
b. efficient; a big deal because it leads to other types of market inefficiencies
c. inefficient; not that big a deal because we value diversity and creativity
d. efficient; an inefficient allocation due to its nonrival nature correct answers d. efficient; an
inefficient allocation due to its nonrival nature

An example of a common resource is:
a. the environment.
b. clothing.
c. a street light
d. cable TV correct answers a. the environment.

A cable television show like The Sopranos, for example, is:
a. rival and excludable.
b. rival but nonexcludable.
c. nonrival but excludable.
d. nonrival and nonexcludable correct answers c. nonrival but excludable.

A college student who must pay fees toward a recreational facility that will be built after he
has graduated and moved away is a:
a. absent rider.
b. free rider.
c. nonrider.
d. forced rider correct answers d. forced rider

A common resource is:

,a. rival but nonexcludable.
b. a good that, when used by one person, leaves less for everyone else.
c. All of the answers are correct.
d. likely to be overutilized correct answers c. All of the answers are correct.

A good is excludable if:
a. people who do not pay can be easily prevented from using the good.
b. one person's use of the good does not reduce the ability of another person to use the same
good.
c. people who do not pay cannot be easily prevented from using the good.
d. it is Wi-Fi or a similar service. correct answers a. people who do not pay can be easily
prevented from using the good.

A good is nonexcludable if it is:
a. difficult to make people use the good at low cost.
b. difficult to prevent people from using the good at low cost.
c. easy to make people use the good at low cost.
d. easy to prevent people from using the good at low cost. correct answers b. difficult to
prevent people from using the good at low cost.

A good is nonrival if:
a. one person's use of the good reduces the ability of another person to use the same good.
b. one person's use of the good does not reduce the ability of another person to use the same
good.
c. the good does not cause rivalry between the people using the good.
d. the good potentially creates rivalry between the people using the good. correct answers b.
one person's use of the good does not reduce the ability of another person to use the same
good.

A person ________ be cheaply prevented from using national defense, a(n) ________ good.
a. cannot; excludable
b. can; excludable
c. can; nonexcludable
d. cannot; nonexcludable correct answers d. cannot; nonexcludable

A jump rope is a:
a. common good.
b. rival good.
c. nonrival good.
d. public good correct answers b. rival good.

A free rider is a person who:
a. will purchase products only when on sale.
b. receives the benefits of a good but avoids paying for it.
c. avoids paying taxes by using tax code loopholes.
d. produces goods at no cost. correct answers b. receives the benefits of a good but avoids
paying for it.

A forced rider is someone who:
a. does not pay a share of the costs of a public good and does not enjoy the benefits.

, b. pays a share of the costs of a public good and enjoys the benefits. c. pays a share of the
costs of a public good but who does not enjoy the benefits.
d. does not pay a share of the costs of a public good but who enjoys the benefits. correct
answers c. pays a share of the costs of a public good but who does not enjoy the benefits.

Both public goods and common resources are:
a. rival.
b. nonexcludable.
c. excludable.
d. nonrival. correct answers b. nonexcludable.

The tragedy of commons is more likely to apply to:
a. oil, natural gas, and coal.
b. chickens and other farm animals.
c. forests, fish, and elephants.
d. microchips, semiconductors, and relay switches. correct answers c. forests, fish, and
elephants.

An example of a common resource would be:
a. a street light.
b. clothing.
c. the environment.
d. cable TV correct answers c. the environment.

In which of the case below is there the potential for a free-rider problem? a. cable Internet
service
b. voluntary payments for a smog reduction program
c. half-off sales at department stores
d. group projects where all members have clearly assigned tasks and are responsible for
presenting their work correct answers b. voluntary payments for a smog reduction program

Private goods can be provided by competitive markets because they are:
a. nonexcludable, providing an incentive to pay for and thus to produce these goods.
b. excludable, since the market for buying and selling these goods is distinguishable.
c. nonexcludable, since the market for buying and selling these goods cannot be
distinguished.
d. excludable, providing an incentive to pay for and thus to produce these goods. correct
answers d. excludable, providing an incentive to pay for and thus to produce these goods.

Solving a tragedy of the commons problem could be done through: I. establishment of
property rights over the common resource. II. the invisible hand. III. government-armed
protection.
a. I, II, and III
b. II only
c. I and II only
d. I and III only correct answers d. I and III only

Which of the following is a common resource?
a. public beach
b. both a and b

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