5 months ago, Hannah moves into New Oaks Village to live with her sister. The residents of New Oaks pay a monthly payment to the village association for the maintenance of their village's sewer system. New Oaks often gets flooded especially during the rainy season. Nonetheless, Hannah does not split the monthly payment with her sister as Hannah is unemployed. Which of the following statements is true? Hannah is free riding since she will also benefit from the prevention of flood due to village's well-maintained drainage and sewer system. The village's sewer system is considered a private good. Because the sewer system provides service of good drainage to the residents of New Oaks, it cannot be classified to any type of good. This situation is a classic example of Tragedy of the commons. Hannah is not free riding because she is unemployed and cannot share with the monthly maintenance.

5 months ago, Hannah moves into New Oaks Village to live with her sister. The residents of New Oaks pay a monthly payment to the village association for the maintenance of their village's sewer system. New Oaks often gets flooded especially during the rainy season. Nonetheless, Hannah does not split the monthly payment with her sister as Hannah is unemployed. Which of the following statements is true? Hannah is free riding since she will also benefit from the prevention of flood due to village's well-maintained drainage and sewer system. The village's sewer system is considered a private good. Because the sewer system provides service of good drainage to the residents of New Oaks, it cannot be classified to any type of good. This situation is a classic example of Tragedy of the commons. Hannah is not free riding because she is unemployed and cannot share with the monthly maintenance.

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 24AA

See similar textbooks

Related questions

Q: Graph of TB & TC from Hours Working: The graph below measures the benefits and costs from working,…

A: Net benefit is the difference between total benefit and total cost. NB = TB - TC

Q: A public service official is appraising a project proposal for a project to be done by a domestic…

A: Given, Benefits cost- $3000 Market Cost- $1550 Tax- $700

Q: Graham decided to play football this year instead of getting a part-time job. Last year he made…

A: Hi! thanks for the question but as per the guidelines we can answer only one question at one time.…

Q: Describe one economic benefit, other than energy cost savings, that may result from increasing the…

A: Enterprise is managed by entrepreneur and therefore enterprise would be occupationally mobile if…

Q: Graph of TB & TC from Hours Working: The graph below measures the benefits and costs from working,…

A: Blue line is TB (i.e., Total benefit) Red line is TC (i.e., Total cost) Net benefit (NB) is TB minus…

Q: Because of Environmental Protection Agency pollution credits to biodiesel producers, biodiesel…

A: Answer is given below

Q: 17. Augustus bought his BMW convertible as a new car in 1998 and knows that it is in excellent…

A: Asymmetric information occurs when one party in a transaction has more or better information than…

Q: A local college is deciding whether to conduct a campus beautification initiative that would involve…

A: A public good is a good that is both non excludable and non rival in nature.

Q: A local college is deciding whether to conduct a campus beautification initiative that would involve…

A: A cost-benefit analysis is a method that is used to compare the costs and the potential benefits of…

Q: How does the plastic pollute the environment in Bangladesh during the year 2018-2022. Detail…

A: Plastic Pollution: refers to the environmental issue caused by the accumulation of plastics waste in…

Q: 24. Which of the following statements is FALSE? (A) The Pfizer, Moderna, AstraZeneca and J&J…

A: The vaccines developed aims to reduce the spread of COVID 19 and these vaccines are successful to do…

Q: Mason and Jack are neighbors. Mason wants to buy a new outdoor grill so he can barbecue. Mason has…

A: Positive economic analysis involves objectively describing and explaining economic phenomena without…

Q: 4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification…

A: Cost-benefit analysis can be used to assess costs and benefits of interventions when both are…

Q: 4. Cost-benefit analysis A local college is deciding whether to conduct a campus beautification…

A: Detailed explanation: Classification as a Public Good:Non-excludable:If it is impossible to stop…

Q: 24. Which of the following statements is FALSE? (A) The Pfizer, Moderna, AstraZeneca and J&J…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you as per…

Q: A county transportation agency has asked you to suggest the allocation of bridge preservation budget…

A: Based on the information you provided, here's the formulation of a Linear Programming (LP) problem…

Q: 1 If this country is producing at Point D but wants to change production Point C, what is its…

A: Production possibility curve shows the different combinations of two goods that can be produced with…

Question

5 months ago, Hannah moves into New Oaks Village to live with her sister. The residents of New Oaks pay a monthly payment to the village
association for the maintenance of their village's sewer system. New Oaks often gets flooded especially during the rainy season. Nonetheless,
Hannah does not split the monthly payment with her sister as Hannah is unemployed.
Which of the following statements is true?
Hannah is free riding since she will also benefit from the prevention of flood due to village's well-maintained drainage and sewer system.
The village's sewer system is considered a private good.
Because the sewer system provides service of good drainage to the residents of New Oaks, it cannot be classified to any type of good.
This situation is a classic example of Tragedy of the commons.
Hannah is not free riding because she is unemployed and cannot share with the monthly maintenance.
OOOO

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Final Answer

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Edna is living in a retirement home where home where most of her needs are taken care of, but she has some discretionary spending. Based on the basket of goods in Table 22.5, by what percentage does Ednas cost of living increase between time 1 and time 2
Becky and Sarah are sisters 1who share a room. Their room can easily get messy, and their parents am always telling them to tidy it. Here are the costs and benefits to both Becky and Sarah, of taking the time to clean their room: If both Becky and Sarah clean, they each spends two hours and get a clean room. If Becky decides not to clean and Sarah does all the cleaning, then Sarah spends 10 hours cleaning (Becky spends 0) but Sarah is exhausted. The same would occur for Becky if Sarah decided not to cleanâ€”Becky spends 10 hours and becomes exhausted. If both girls decide not to clean, they both have a dirty room. What is the best outcome for Becky and Sarah? What is the worst outcome? (It would help you to construct a prisoners dilemma table.) Unfortunately, we know that the optimal outcome will most liker not happen, and that the sisters probably will choose the worst one instead. Explain what it is about Beckys and Sarahs reasoning that will lead them both to choose the worst outcome.
Investors sometimes fear that a high-risk investment is especially likely to have low returns. Is this fear true? Does a high risk mean the return must be low?
Can extreme levels of pollution hurt the economic development of a high-income country? Why or why not?
In an insurance system, would you expect each person to receive in benefits pretty much what they pay in premiums or is it just that the average benefits paid will equal the average premiums paid?
What are some of the metrics economists use to measure health outcomes?
What life cycle cost concept begins raising concerns by year 5 with any electric vehicle (EV)? If that issue affected resale value at year 5, would that affect perceived value-in-use? How exactly?
What is deflation?
Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at measuringWorth.com. How much money would it take today to purchase what one dollar would have bought in the year of your birth?
Suppose a city releases 16 million gallons of raw sewage into a nearby lake. Table 12.8 shows the total costs of cleaning up the sewage to different levels, together with the total benefits of doing so. (Benefits include environmental, recreational, health, and industrial benefits.) Using the information in Table 12.8, calculate the marginal costs and marginal benefits of reducing sewage emissions for this city. See Production, Costs and Industry Structure if you need a refresher on how to calculate marginal costs. What is the optimal level of sewage for this city? Why not just pass a law that films can emit zero sewage? After all, the total benefits of zero emissions exceed the total costs.
What is an insurance premium?
Exercise A3 What dome slices of a pie chart represent?