Exam 16: Public Choices, Public Goods, and Healthcare

A public good is ________ and ________.

For a good to be nonrival, then

Long Beach Island, off the coast of New Jersey, is considering building a sand barrier to protect the houses on the island from future hurricanes. The marginal social benefit of the barrier is equal to the

Which of the following is the BEST example of a common resource?

Katie Bobby -The above table shows the marginal benefit from submarines for the only two citizens of a country. Submarines are a public good. If submarines cost $175 a piece to produce, what is the efficient quantity of submarines?

The principle of minimum differentiation suggests that competitors

-In the above figure, the competitive unregulated equilibrium is producing and consuming ________ vaccinations per year at a price of ________.

Two candidates are running for election as mayors of New York City that was recently impacted by Superstorm Sandy. In their election platforms, both candidates supported spending very similar amounts on hurricane protection. This similarity is most likely the result of

Because Jess didn't have the time to understand the issue, she did not vote on the amendment about clean energy. Jess's behavior demonstrates the economic principle of

Bureaucratic overprovision of a public good could occur because

Governments exist to

-If the good in the table above is a public good and Pat and Al are the only members of society, then the efficient quantity to produce is

When consumption of a good is nonrival and nonexcludable, the good is a

A good or service or a resource is rival if

Rational ignorance suggests that voters will

When describing goods and services, what is meant by the terms "rival" and "nonrival?" Are private goods rival or nonrival? Are public goods rival or nonrival? Are common resources rival or nonrival?

Government failure, when government actions lead to inefficiency, can result in

-Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $54, the quantity of satellites provided by a competitive market is

Which of the following is the BEST example of a common resource?

Why is it rational for individuals to be ignorant about public goods but not about private goods?