Midterm 3
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| show | one person's consumption of a good directly effects someone else; ex= buying pair of schools, Big Mac
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| show | just because I consume a good doesn't mean you can't; ex= radio station, trees
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| show | I can prevent you from consuming a good if you don't pay for it; ex= shoes
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| nonexcludable | show 🗑
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| show | private goods (rival, excludable); artificially scarce goods (nonrival, excludable); common resources (rival, nonexcludable); public goods (nonrival, nonexcludable)
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| why nonexcludability causes markets to fail | show 🗑
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| why nonrival causes markets to fail | show 🗑
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| ways to provide nonrival/nonexcludable public goods? | show 🗑
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| show | MC=MB doesn't work w/nonrival; gov should make decisions based on total benefit to society which is the sum of the individuals; MSB >(=)MC
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| show | add up the MB of everyone involved and see if that's greater than or equal to MC of one more unit; if only 1 person was making the choice, wouldn't get optimal quantity; socially optimal level different from 1 person's quantity
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| public good provision moral | show 🗑
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| show | incentive to overstate how much you value something in a hypothetical situation than if they had to pay; majority voting (median voter decides quantities); tiebout sorting (vote w/feet, but people can't always just move)
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| common resources | show 🗑
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| how to fix common resources | show 🗑
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| artificially scare goods | show 🗑
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| show | MSB=MSC; everyone benefits from good without taking away from someone else, what matters is sum of all indiv marginal benefits; indiv will choose level that's too low; the fix= gov provided
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| common resources: how much is right? | show 🗑
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| artificially scarce goods: how much is right? | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
nicook
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