Exam 16: Public Choices, Public Goods, and Healthcare

A school of tuna swimming in the ocean is

In Obamacare (the Affordable Care Act) gives low-income families

Under what conditions will the political process provide an inefficient amount of a public good?

A good or service or a resource is rival if

Long Beach Island, off the coast of New Jersey, is considering enhancing its system of satellite towers to help communication during emergencies such as hurricanes. A study showed that in Superstorm Sandy the existing number of satellite towers resulted in the marginal social cost of a satellite tower being less than the marginal social benefit. To achieve efficiency, this study indicates that the

Public goods are

Every year as the clock nears midnight on December 31st, the eyes of the world turn to Times Square in New York City to watch the famous ball drop at midnight. The event is open to everyone, but it is advised you arrive early to participate because the square quickly becomes crowded with no space left for latecomers. This celebration can be classified as

A common resource is ________ and ________.

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

After Hurricane Sandy, FEMA (the Federal Emergency Management Agency) advertised in a New Jersey radio station how people affected by the hurricane could file for assistance. In the political marketplace, the decision makers in FEMA are best characterized as

A private good is ________ and ________.

"To find the economy's marginal social benefit curve for a public good, we sum the individual marginal benefit curves horizontally." True or false? Explain.

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

A good or service or a resource is nonexcludable if

The free-rider problem is the reason way private markets are unlikely to achieve the efficient level of production of

Is a sailboat purchased in Victoria, British Columbia, a private good or a public good?

-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

-Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. What is the marginal benefit to society from the third satellite?

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 $100 a piece to produce, what is the efficient quantity of submarines?

An example of a good that is both rival and excludable is