Exploring Public Goods

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Which sector of the economy is owned, financed, and controlled by private individuals?

Common sector

Public sector

Club sector

Private sector (correct)

Which characteristic of goods refers to a person being able to be prevented from using it when they do not pay for it?

Rival

Private

Excludable (correct)

Public

Which category of goods is both excludable and rival in consumption?

Public goods

Private goods (correct)

Common resources

Club goods

What is a person called who receives the benefit of a good but avoids paying for it?

Free rider Signup and view all the answers

Which method can be used to overcome some of the problems associated with cost-benefit analysis?

Contingent valuation methods Signup and view all the answers

Which one of these is an example of a common resource?

Clean Air Signup and view all the answers

Which one of these is an example of a merit good?

Education Signup and view all the answers

Which one of these is an example of a negative externality?

Barking dogs Signup and view all the answers

Which one of these is an example of a private solution to externalities?

Social Norms of Moral Behavior Signup and view all the answers

Which one of these is an example of a market-based policy towards externalities?

Pigovian tax Signup and view all the answers

Which term refers to the tendency of a voter to not seek out information to make an informed choice in elections?

Rational ignorance effect Signup and view all the answers

Which term refers to the situation where benefits to a minority special interest group are outweighed by the costs imposed on the majority?

Special interest effect Signup and view all the answers

Which term refers to the agreement between politicians to exchange support on an issue?

Logrolling Signup and view all the answers

Which term refers to the situation where individuals or groups take actions to redirect resources to generate income (rents) for themselves or the group?

Rent seeking Signup and view all the answers

Which term refers to the transfer of publicly owned assets to private sector ownership?

Privatization Signup and view all the answers

Which term refers to a situation where the allocation of resources in the market is determined in part by political decision-making and favors rather than by economic forces?

Cronyism Signup and view all the answers

Which one of these is an example of a positive externality?

Restored historic buildings Signup and view all the answers

Which one of these is an example of a positional externality?

Research into new technologies Signup and view all the answers

Which one of these is an example of a private solution to externalities?

Social Norms of Moral Behavior Signup and view all the answers

Which one of these is an example of a market-based policy towards externalities?

Marginal abatement cost Signup and view all the answers

Which one of these is an example of government failure?

Public choice theory Signup and view all the answers

Which of the following is an example of a public good?

National Defense Signup and view all the answers

Which term refers to a person who receives the benefit of a good but avoids paying for it?

Free rider Signup and view all the answers

Which category of goods is rival but not excludable?

Common resources Signup and view all the answers

What is the property of a good whereby one person's use diminishes other people's use?

Rivalry Signup and view all the answers

What is the study that compares the costs and benefits to society of providing a public good called?

Cost-benefit analysis Signup and view all the answers

Which term refers to the situation where resources are redirected to generate income for a specific individual or group?

Rent seeking Signup and view all the answers

What is the term for the transfer of publicly owned assets to private sector ownership?

Privatization Signup and view all the answers

What is the term for a situation where the allocation of resources in the market is determined by political decision-making and favors rather than economic forces?

Cronyism Signup and view all the answers

Which term refers to the tendency of a voter to not seek out information to make an informed choice in elections?

Rational ignorance effect Signup and view all the answers

What is the term for the agreement between politicians to exchange support on an issue?

Logrolling Signup and view all the answers

Exploring Public Goods

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Questions and Answers

Which sector of the economy is owned, financed, and controlled by private individuals?

Which characteristic of goods refers to a person being able to be prevented from using it when they do not pay for it?

Which category of goods is both excludable and rival in consumption?

What is a person called who receives the benefit of a good but avoids paying for it?

Which method can be used to overcome some of the problems associated with cost-benefit analysis?

Which one of these is an example of a common resource?

Which one of these is an example of a merit good?

Which one of these is an example of a negative externality?

Which one of these is an example of a private solution to externalities?

Which one of these is an example of a market-based policy towards externalities?

Which term refers to the tendency of a voter to not seek out information to make an informed choice in elections?

Which term refers to the situation where benefits to a minority special interest group are outweighed by the costs imposed on the majority?

Which term refers to the agreement between politicians to exchange support on an issue?

Which term refers to the situation where individuals or groups take actions to redirect resources to generate income (rents) for themselves or the group?

Which term refers to the transfer of publicly owned assets to private sector ownership?

Which term refers to a situation where the allocation of resources in the market is determined in part by political decision-making and favors rather than by economic forces?

Which one of these is an example of a positive externality?

Which one of these is an example of a positional externality?

Which one of these is an example of a private solution to externalities?

Which one of these is an example of a market-based policy towards externalities?

Which one of these is an example of government failure?

Which of the following is an example of a public good?

Which term refers to a person who receives the benefit of a good but avoids paying for it?

Which category of goods is rival but not excludable?

What is the property of a good whereby one person's use diminishes other people's use?

What is the study that compares the costs and benefits to society of providing a public good called?

Which term refers to the situation where resources are redirected to generate income for a specific individual or group?

What is the term for the transfer of publicly owned assets to private sector ownership?

What is the term for a situation where the allocation of resources in the market is determined by political decision-making and favors rather than economic forces?

Which term refers to the tendency of a voter to not seek out information to make an informed choice in elections?

What is the term for the agreement between politicians to exchange support on an issue?

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