Exam 19: Public Goods and the Tragedy of the Commons

Describe the difference between each of the following three pairs of goods or services according to whether they are excludable or nonexcludable and rival or nonrival. a. a city police department and a commercial security system b. movies on HBO and movies on PBS (Public Broadcasting Service) c. fish in the ocean and fish in a fish farm

Radio programs serve as an example of a public good that is provided efficiently by economic markets.

Which of the following is an example of a public good that is efficiently produced through economic markets?

Tragedy of the commons problems are harder to solve when:

If markets underproduce public goods because of the free rider problem,:

Goods that are not excludable include both:

A jump rope is a:

Sarah pays county taxes, part of which are used to subsidize public schools, even though she has no children. Sarah is an example of:

Markets tend to be inefficient when it comes to public goods because:

In group projects for class there is often one member who does noticeably less work than others. Which of the following is the most accurate description of that person?

Which of the following is a list of nonexcludable and rival goods only?

Which of the following is an example of the tragedy of the commons?

In which of the case below is there the potential for a free-rider problem?

Goods such as radio and television programs are ______ that are given away free because _______.

An example of a common resource would be:

Public goods are those goods that are:

A cell phone is a ______ because it is ______.

Does equal sharing in farm output lead to free riders? Explain.

When one person's use of a good does not reduce the ability of another person to use the same good, economists say the good is rival.

A solution to the tragedy of the commons is to convert common resources to private goods.