EBK ESSENTIALS OF ECONOMICS
7th Edition
ISBN: 8220102452107
Author: Mankiw
Publisher: CENGAGE L
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Chapter 11, Problem 1QCMC
To determine
Relevance of excludable goods.
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Determine whether the good is a private good, public good, artificially scarce good, or common resources, then explain why in terms of "excludability" and "rivalness" principles.
a. Uncongested roads with toll booths upon entry
b. Business-class seat on airplane
c. Music played in a public park
Which categories of goods are excludable?a. private goods and club goodsb. private goods and common resourcesc. public goods and club goodsd. public goods and common resources
Which categories of goods are rival in consumption?a. private goods and club goodsb. private goods and common resourcesc. public goods and club goodsd. public goods and common resources
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- When residents in a neighborhood tidy it and keep it neat, there am a number of positive spillovers: higher property values, less crime, happier residents. What types of government policies can encourage neighborhoods to clean up?arrow_forwardName 5 public goods and explain why they are public goods.arrow_forwardWhich of the following will most likely generate positive externalities of consumption? a. A hot dog vendor. b. Public education. c. An automobile d. A city bus e. A polluting factoryarrow_forward
- Which of the following are public goods? Explain using thedefinition of a public good.a. an antimissile system surrounding Washington, D.C.b. a fire departmentc. tennis courtsd. Yellowstone National Parke. elementary schoolsarrow_forwardWhich of these is an ideal economic situation that leads to a positive externality? a. Social costs are higher than private costs b. Private costs are equal to social costs c. Private costs are higher than social costs d. Private costs are lower than social costsarrow_forward1. What is the impact of the global-positioning anti-theft device on the following below: a. Private benefit curve b. Social benefit curve c. Private cost curvearrow_forward
- T5arrow_forwardWhich of the following statements about public goods is true? Public goods are more important economically than private goods. It is difficult or impossible to exclude people from the consumption of a public good even if they do not pay. The incentive of private producers to supply public goods is weak. a. I only b. III only c. II and III d. I, II, and IIIarrow_forwardName two public goods and explain why they are public goodsarrow_forward
- Macmillan Learning (Figure: Public Goods and Common Resources) Use Figure: Public Goods and Common Resources. The figure lists the type of goods that are available for consumption. Panel D depicts a good that is both nonrival in consumption and nonexcludable. Such a good would be considered a: Rival in consumption Excludable Non- excludable O private good. club good. O public good. common resource. Nonrival in consumption Barrow_forwardQUESTION 6 Marco runs an organic cafe in the middle of an industrial office zone. He has a lot of customers with only 6 allocated car parking spaces for them. Often, his customers use the car parks designated for clients at Eloise's architectural studio nearby. 1. Marco's cafe does not produce any negative externalities. 2. Marco's cafe creates a negative externality for Eloise's architectural studio. 3. To be socially efficient, Marco needs to pay for more car spaces near his cafe. Which of the above statements are true: O Only 1 is true. O Only 2 is true. O Both 1 and 2 are true. O Both 2 and 3 are true. O All three are true. O O Oarrow_forwardPlease correct answer and don't use hand raitingarrow_forward
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