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AGEC 315 Exam 3 Already Graded A+

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AGEC 315 Exam 3 Already Graded A+ A person _________ be cheaply prevented from knowledge of improved animal welfare, a(n) ___________ good. cannot; nonexcludable A person _________ be cheaply prevented from consuming beef, a(n) ___________ good. can; excludable Only government solutions l...

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  • October 19, 2024
  • 6
  • 2024/2025
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AGEC 315 Exam 3 Already Graded A+

A person _________ be cheaply prevented from knowledge of improved animal welfare, a(n)
___________ good. ✅cannot; nonexcludable



A person _________ be cheaply prevented from consuming beef, a(n) ___________ good. ✅can;
excludable



Only government solutions lead to the economically efficient use of open-access resources. ✅False



Open-access resources will tend to be ______________ in the free market, creating a rationale for
_____________________________________________. ✅overused; the government to implement
individual tradable quotas



Goods that are nonexcludable include both: ✅open-access resources and public goods



Some water resources have characteristics of both public goods and open-access resources. ✅true



An economically efficient solution to public goods is to tax the use of the good ✅False



What did Elinor Ostrom argue? ✅People can avoid the Tragedy of the Commons by forming self-
organized institutions



Restricting the use of one input used to extract a resource provides an effective means of reducing
depletion. ✅false



Free riders are the reason why open-access resources are underprovided ✅false



A primary reason for limited trading of water is because of high transaction costs. ✅true

, What is collective action? ✅An action taken by a group to achieve a common objective



The Tragedy of the Commons occurs even with a small group of resource users because the users have
no incentive to collectively manage the resource. ✅false



Which of the following are example(s) of open-access resources?

I. Soybeans

II. Buffalo in the 1800s

III. Grade for a group project ✅II. only



The ideas of Elinor Ostrom are represented well by a case where the Tragedy of the Commons leads to
excessive depletion of a small aquifer. ✅False



Why can individual tradable quotas provide an economically efficient outcome for open-access
resources? ✅The quota makes the resource excludable and trading the quota ensures it is used by the
user with greatest marginal net benefits



Agricultural landscapes are an example of a public good. ✅True



Wildlife habitat is an example of a nonconsumptive use of water ✅True



A country can benefit from trade even if it does not have an absolute advantage in producing anything.
✅True



A good illustration of comparative advantage is a CEO of a major corporation paying someone else to
drive her to work every day. ✅True



A good example of comparative advantage is diversifying crop production in Salinas Valley, California (a
region with one of the most productive climate and soils in the USA) to include both wheat and
vegetable production rather than only producing vegetables in the region. ✅False

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