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Exam 11: Public Goods and Common Resources

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Question 221

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Why does the commercial value of ivory threaten the elephant, while the commercial value of beef protects the cow?

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Elephants are a common resource, whereas...

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Question 222

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Because it is

A) neither excludable nor rival in consumption, a tornado siren is a common resource.
B) neither excludable nor rival in consumption, a tornado siren is a public good.
C) excludable but not rival in consumption, a tornado siren is produced by a natural monopoly.
D) rival in consumption but not excludable, a tornado siren is a common resource.

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Question 223

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Table 11-2 Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family's willingness to pay for each streetlight. -Refer to Table 11-2. Suppose the cost to install each streetlight is $900. How many streetlights should the town install to maximize total surplus from the streetlights?

If the use of a common resource is not regulated,

A sidewalk runs across Jermichael's front yard near the street. By law, anyone has the right to use the sidewalk. When Jermichael shovels the sidewalk after a heavy snowstorm,

National Public Radio would be considered a club good.

Recall the four types of goods. Are national defense and a patented invention the same type of good? Briefly explain.

When goods are available free of charge, the market forces that normally allocate resources in our economy are absent.

Which two types of goods are rival in consumption?

Figure 11-1 Rival in Consumption? Yes No Excludable? ^Yes No -Refer to Figure 11-1. Emma's use of good x does not affect anyone else's use of good x. Neither Emma nor anyone else can be prevented from using the good. Good x is an example of the type of good that belongs in

In which of the following examples are property rights not well established?

In what way do public goods give rise to positive externalities?

Table 11-2 Consider a small town with only three families, the Greene family, the Brown family, and the Black family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each family's willingness to pay for each streetlight. -Refer to Table 11-2. Suppose the cost to install each streetlight is $900 and the families have agreed to split the cost of installing the streetlights equally. If the residents choose to install the number of streetlights that will maximize total surplus from the streetlights, how much total surplus will the Greene family receive?