Private Goods with External Benefits
1) The benefit from a good experienced by people who do not decide how much of the good to produce or consume is called a(n):
A) public benefit.
B) private benefit.
C) external benefit.
D) consumption benefit.
2) If you get a flu shot and pay $10 for it, the flu shot is:
A) a private good with external benefits.
B) a private good with external costs.
C) a public good with external benefits.
D) a public good with external costs.
3) Which of the following is true about private goods?
A) They are rival in consumption.
B) They can have external benefits.
C) They are consumed by a single person or household.
D) All of the above are true.
4) Goods that have external benefits include:
A) all public goods and all private goods.
B) all private goods but no public goods.
C) all public goods but no private goods.
D) all public goods and some private goods.
5) A college education generates:
A) no benefits.
B) only private benefits.
C) only external benefits.
D) both private and external benefits.
6) Examples of spillover benefits associated with a college education include:
A) no external benefits.
B) workplace externalities only.
C) civic externalities only.
D) both workplace and civic externalities.
7) When private goods have external benefits:
A) marginal social cost is greater than marginal private cost.
B) marginal privates cost is greater than marginal social cost.
C) marginal social benefit is greater than marginal private benefit.
D) marginal private benefit is greater than marginal social benefit.
8) The forces of supply and demand will provide a quantity that is:
A) less than the efficient quantity if a good generates external benefits.
B) more than the efficient quantity if a good generates external benefits.
C) exactly the efficient quantity if a good generates external benefits.
D) either more than or less than the efficient quantity if a good generates external benefits. It is impossible to know whether it will be too much or too little without more information.
9) If a private good generates external benefits:
A) the social benefit will be greater than the private benefit.
B) the social benefit will equal the private benefit.
C) the social benefit will equal the private benefit minus the external benefit.
D) the external benefit will equal the private benefit plus the social benefit.
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