If no one can be excluded from consuming its benefits and there is no rivalry

If no one can be excluded from consuming its benefits

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78. If no one can be excluded from consuming its benefits and there is no rivalry in consumption, then the good is a ________ good. A)Pareto B)free C)public D)private Answer:C Diff: 2 Topic: The Source of Market Failure
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Skill: Definition AACSB: Learning Outcome: Micro-23 79. An example of a public good is Diff: 1 Topic: The Source of Market Failure Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Micro-23 80. Which of the following would be classified as an external cost?
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A Diff: 1 Topic: The Source of Market Failure Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Micro-22 81. Your next-door neighbor has a beautiful rose garden, but you are allergic to roses and cannot use your yardbecause of the rose pollen that drifts into your yard. In this case, the rose garden is an example of a Diff: 2 Topic: The Source of Market Failure Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Micro-22 82. Which of the following is an example of an external benefit? A)More people start to ride the bus because they become more public‐spirited and, as a result, air pollution isreduced. B)A firm has just gotten permission to open a landfill on property that is adjacent to your home. C)Firms are able to reduce their costs of production by using a more efficient technology. D)The federal government spends a million dollars on improving national parks. Answer:
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A Diff: 1 Topic: The Source of Market Failure Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Micro-22 83. One reason to require medical practitioners to be licensed is that Diff: 2 Topic: The Source of Market Failure Skill: Conceptual AACSB: Reflective Thinking Learning Outcome: Micro-21
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  • Spring '13
  • MaryHabib
  • Economics, Outcome, AACSB, Reflective thinking, Diff

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