Recall the Application. Weather monitoring is:
A) a public good.
B) a private good.
C) impossible because it requires international cooperation.
D) efficiently provided by private markets because it is profitable.
59) Recall the Application. When the U.S. acquires and then shares weather data with organizations in other countries:
A) both the U.S. economy and the economies of other countries benefit.
B) the U.S. does not benefit and other countries free ride.
C) the information is excludable and rival.
D) the information is incomplete because no country can monitor oceans outside its own borders.
60) A market in which there are neither external benefits nor external costs is inefficient.
61) Externalities always consist of benefits that are not confined to the person or organization that decides how much of a good to produce or consume.
62) To be an example of a public good a good must be both rival in consumption and nonexcludable.
63) A good is nonrival in consumption if it is not practical to exclude people who don't pay for it from enjoying its benefits.
64) A good is nonexcludable in consumption if it is not practical to exclude people who don't pay for it from enjoying its benefits.
65) If you can consume a good without having to pay for it, the good must be a public good.
66) If you can consume a good at the same time that others consume the same good, the good is nonrival in consumption.
67) Protecting endangered species is NOT an example of a public good because there are no external benefits associated with it.
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