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Economics
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31 Oct 2020

3. A positive  externality affects market efficiency in a manner similar to a:

a. rival good
b. public good
c. private good
d. common resource

Booster class
Microeconomics
Skill
Understanding the concept of Public Goods
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Raushan Raj
Raushan RajLv8
31 Oct 2020

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Related questions

1. Because public goods are:

a. Excludable, people have an incentive to be free riders.

b. Excludable, people do not have an incentive to be free riders.

c. Not excludable, people do not have an incentive to be free riders.

d. Not excludable, people have an incentive to be free riders.

 

2. The provision of a public good generates a/an

a. Negative externality, as does the use of a common resource.

b. Positive externality and the use of a common resource generates a negative externality.

c. Negative externality and the use of a common resource generates a positive externality.

d. Positive externality, as does the use of a common resource.

 

3. When goods are available free of charge, the market forces that normally allocate resources in our economy are absent.

a. True

b. False

If a good is both nonexcludable and rival in consumption, then it is                       .

A. a private good 

B. a club good 

C. a common resource 

D. public good 

Identifying and Providing Types of Goods

You will explain why some goods should be provided by the government and others should be provided by businesses. Given a list, correctly identify types of goods based on excludability and rivalness. Support

your answer.

TTask 1:

Consider the following list of goods. For each good, explain the following points.

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be provided

by the private market or the government.

Answer for each event below.

A.

A cup of coffee at a coffee shop

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associa

ted with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the

government.

B.

City fire protection

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private mark

et should provide this good or the government should provide

this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the government.

C.

Polar bears in the Arctic

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government shoul

d provide

this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the government.

D.

Clean air

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be provided by the private market or the government.

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