ECO 450 Week 4 Quiz 3

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ECO 450 Week 4 Quiz 3, Chapter 4 and 5

  1. Which of the following is a good example of a congestible public good?
  2. A baseball field is:
  3. A means of creating a price-excludable public good is:
  4. An example of an undesirable public good (or public “bad”) is:
  5. A free concert in a public arena is:
  6. The marginal cost of making a given quantity of a congestible public good available to more con­sumers is:
  7. Public transportation is:
  8. The efficient output of a pure public good is achieved at the point at which:
  9. The demand curve for a pure public good is:
  10. The nonrival property of pure public goods implies that the:
  11. The principle of nonexclusion for pure public goods means that the benefits of the good:
  12. The free-rider problem:
  13. Cable TV programming is an example of a:
  14. The marginal cost of providing a certain quantity of a pure public good to an additional consumer after it is provided to any one consumer is:
  15. The monthly rental rate for a satellite dish antenna is $200. The maximum marginal benefit that any resident of a condominium community will obtain per month from the antenna is $50. There are 100 residents in the community, none of whom values the antenna at less than $25 per month. Assuming that the antenna is a pure public good for residents of the community,
  16. If a person has multiple-peaked preferences for a pure public good,
  17. A community currently hires 10 security guards per week to patrol their neighborhood. Each secu­rity guard costs $300 per week. Assuming that the tax-sharing arrangement agreed to results in each of 300 voters paying the same tax share, each voter pays a weekly tax bill of:
  18. If all voters have single-peaked preferences for a pure public good, then the political equilibrium under majority rule:
  19. A voter’s most-preferred political outcome will be that for which the:
  20. A proposal to build new roads in a small town is up for a vote. Voter B estimates that his marginal benefit of roads at the proposed new level would be $80 per year. This voter will vote against the proposal:
  21. A small community currently taxes residents to provide monthly community concerts. Voter A currently pays a tax per concert equal to $50 per month. This voter receives a marginal benefit of $75 at the current political equilibrium number of concerts per month. Voter A:
  22. Implicit logrolling results when:
  23. Arrow’s impossibility theorem states:
  24. Which of the following collective choice rules is likely to incur the highest political transactions costs?
  25. If the marginal social benefit of one more unit of a good is 10 and the marginal social cost of one more unit of a good is 11, then:
  26. Which of the following collective choice rules is likely to have the lowest political externalities?
  27. The demand curve for a pure public good is:
  28. Voter A will normally vote in favor of one security guard per week because his marginal benefit is $125 and his tax share is $100 per week. Voter A receives zero marginal benefit from one concert a week and would vote against it. Voter B receives $125 marginal benefit from one concert per week but no marginal benefit from one security guard. One concert per week also will fail to gain a majority when put to the vote. Assuming that both Voter A and Voter B will pay $100 per week in tax for each concert and each security guard,
  29. The plurality rule is:
  30. A public choice is: