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Public goods differ from private goods in that a.they produce negative externalities b.t

Public goods differ from private goods in that

a.they produce negative externalities

b.they are not scarce

c.the benefits they generate cannot be denied to anyone

d.their consumption must be regulated by the government

e.their benefits are restricted to the one individual consuming the good

62.              Public goods are usually provided by

a.private industry in private markets

b.the government

c.producers who produce for consumers, that is, for the public

d.internal markets

e.the public, such as you and your neighbors

63.              The theory of public choice assumes that individual behavior in the political arena is
                            motivated primarily by

a.the electorate

b.social welfare

c.public interest

d.altruism

e.self-interest

64.              To achieve the optimal provision of public goods,

a.the market should be allowed to find its equilibrium without government interference

b.the government must limit the provision of these goods

c.the government must levy taxes on producers of these goods

d.the government must either provide the goods at prices different from those
established on the market, or subsidize the production of those who provide the
goods

e.a tax must be imposed on consumers equal to the negative externality

65.              If the quantity of public goods produced were decided by market forces (supply and
                            demand),

a.there would be more goods provided than would be optimal

b.there would be fewer goods provided than would be optimal

c.the markets would provide the optimal number of goods

d.prices would be optimal, but the optimal quantity of goods would not be produced

e.the firms producing the public goods would earn excess profit

66.              Unintended costs that are imposed upon third parties as a result of an economic activity
                            are called

a.marginal costs

b.direct costs

c.negative externalities

d.positive externalities

e.positive costs

67.              If a chemical factory causes noxious fumes to be emitted in the neighborhood, a likely
                            third party would be

a.workers at the factory

b.factory managers

c.chemical customers

d.neighborhood homeowners and their families

e.owners of the factory

68.              Which of the following would generate positive externalities?

a.flu vaccinations

b.pesticides used to create greater yields per bushel

c.cigarette smoking in elevators

d.litter left at the beach

e.an unkempt front yard

69.              Which of the following is an example of a negative externality?

a.planting flowers in your front yard

b.talking loudly when others are trying to study economics

c.people donating money to charity

d.the price of bread increases

e.denting your neighbor’s car fender while backing out of your driveway

70.              Cindy discovers that when she goes to the beach, she does not have to bring her radio.
                            She can put her blanket near someone who has a radio and listen all day (without having
                            to carry her radio, get sand in her speakers, or buy new batteries). She’s delighted. This is
                            an example of

a.private property abuse

b.an externality cost to the person who has the radio

c.a negative externality enjoyed by Cindy

d.a positive externality enjoyed by Cindy

e.a public good

Dec 11 2019 Read more Less More

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