Week 3 Quiz

Week 3 Quiz - Week 3: Chapters 911, 13 Weekly Quiz Help 1....

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Week 3: Chapters 9- 11, 13 - Weekly Quiz Help 1. A tax imposed on imports is called: (Points: 10) A tariff A quota A comparative advantage An excise tax 2. This result proposes that private parties (consumers and producers) can solve the problem of externalities on their own. (Points: 10) A tariff Scarce Theorem Social Optimum Theorem Coase Theorem 3. Two important characteristics of a public good are: (Points: 10) Non-excludable and non-rival in consumption Excludable but non-rival in consumption Non-excludable but rival in consumption excludable and rival in consumption 4. The Tragedy of The Commons is a parable that illustrates: (Points: 10) resources commonly owned are used more than is desirable resources that are privately owned are used efficiently resources that are owned by the government are more efficiently used resources that are privately owned are used more than desirable 5. The impact of one person's actions on the well-being of a bystander is called a(n): (Points: 10) Supply Market Externality Property Rights
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
6. What criterion could you use to determine whether a small country named "Isoland" is a net
Background image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Week 3 Quiz - Week 3: Chapters 911, 13 Weekly Quiz Help 1....

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online