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Principles Of Economics International Edition 5th Edition By N. Gregory Mankiw – Test Bank
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Making Of The West Peoples And Cultures Value Edition 5th Edition By Hunt – Test Bank
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Principles Of Economics International Edition 5th Edition By N. Gregory Mankiw – Test Bank

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Chapter 11

Public Goods and Common Resources

TRUE/FALSE

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

ANS:    T                           DIF:      2                           REF:     11-0

NAT:    Analytic              LOC:    Markets, market failure, and externalities

TOP:     Market failure                                               MSC:   Interpretive

  1. Free goods are usually efficiently allocated without government intervention.

ANS:    F                           DIF:      2                           REF:     11-0

NAT:    Analytic              LOC:    Markets, market failure, and externalities

TOP:     Market failure                                               MSC:   Interpretive

  1. Most goods in our economy are allocated in markets, where buyers pay for what they receive and sellers are paid for what they provide.

ANS:    T                           DIF:      1                           REF:     11-0

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Private goods                                                 MSC:   Applicative

  1. Government intervention cannot improve the allocation of resources for goods that do not have prices attached to them.

ANS:    F                           DIF:      2                           REF:     11-0

NAT:    Analytic              LOC:    The role of government TOP:                    Public goods

MSC:   Interpretive

  1. A good that is excludable but not rival is known as a natural monopoly.

ANS:    T                           DIF:      1                           REF:     11-1

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Natural monopolies                                     MSC:   Definitional

  1. National Public Radio would be considered a natural monopoly.

ANS:    F                           DIF:      2                           REF:     11-1

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Natural monopolies                                     MSC:   Interpretive

  1. Concerts in arenas are not excludable because it is virtually impossible to prevent someone from seeing the show.

ANS:    F                           DIF:      1                           REF:     11-1

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Excludability                                                 MSC:   Applicative

  1. A pair of jeans is rival but non-excludable.

ANS:    F                           DIF:      1                           REF:     11-1

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Excludability | Rivalry in consumption                  MSC:                   Applicative

  1. A good that is rival in consumption is one that someone can be prevented from using if she did not pay for it.

ANS:    F                           DIF:      1                           REF:     11-1

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Excludability | Rivalry in consumption                  MSC:                   Definitional

  1. Some goods can be classified as either public goods or private goods depending on the circumstances.

ANS:    T                           DIF:      2                           REF:     11-1

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Public goods | Private goods                       MSC:   Interpretive

  1. Roads can be considered either public goods or common resources, depending on how congested they are.

ANS:    T                           DIF:      1                           REF:     11-1

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Public goods | Common resources            MSC:   Applicative

  1. When one person enjoys the benefit of a tornado siren, she reduces the benefit to others.

ANS:    F                           DIF:      1                           REF:     11-1

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Rivalry in consumption MSC:                   Applicative

  1. Some goods, such as lighthouses, can switch between being public goods and being private goods depending on the circumstances.

ANS:    T                           DIF:      2                           REF:     11-2

NAT:    Analytic              LOC:    Understanding and applying economic models

TOP:     Public goods | private goods                       MSC:   Interpretive

  1. A free-rider is someone who receives the benefit of a good but avoids paying for it.

ANS:    T                           DIF:      1                           REF:     11-2

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Free riders           MSC:   Definitional

  1. A free rider is a person who pays for a good but does not receive the benefit of it.

ANS:    F                           DIF:      1                           REF:     11-2

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Free riders           MSC:   Definitional

  1. One benefit to the patent system is that it encourages the production of technical knowledge.

ANS:    T                           DIF:      1                           REF:     11-2

NAT:    Analytic              LOC:    Markets, market failure, and externalities

TOP:     Excludability                                                 MSC:   Applicative

  1. Government agencies, such as the National Science Foundation, subsidize basic research because in the absence of a subsidy too little research would be conducted.

ANS:    T                           DIF:      1                           REF:     11-2

NAT:    Analytic              LOC:    Markets, market failure, and externalities

TOP:     Public goods                                                  MSC:   Applicative

  1. Although national defense is currently a public good, economists who advocate small government generally agree that the U.S. should privatize national defense to increase the efficiency of the good.

ANS:    F                           DIF:      2                           REF:     11-2

NAT:    Analytic              LOC:    The Study of economics, and definitions in economics

TOP:     Public goods                                                  MSC:   Interpretive

  1. In some cases the government can make everyone better off by raising taxes to pay for certain goods that the market fails to provide.

ANS:    T                           DIF:      2                           REF:     11-2

NAT:    Analytic              LOC:    The role of government TOP:                    Public goods

MSC:   Interpretive

  1. Even economists who advocate small government agree that national defense is a good that the government should provide.

ANS:    T                           DIF:      1                           REF:     11-2

NAT:    Analytic              LOC:    The role of government TOP:                    Public goods

MSC:   Applicative

  1. Advocates of antipoverty programs claim that fighting poverty is a public good.

ANS:    T                           DIF:      1                           REF:     11-2

NAT:    Analytic              LOC:    Understanding and applying economic models

TOP:     Public goods                                                  MSC:   Applicative

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