# Student

Submitted By sangeo179
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Microeconomics Practice Questions Set 10
Externalities and Public Goods

Part A. Multiple Choice Questions: Choose only one, most satisfactory answer for each question.

1. Which of the following is the best example of a common property?

a) The car of a student who is frequently willing to give her friends rides around town. b) The air that you breathe. c) Bread that you bake and share. d) Disney World

2. If the value that people, on average, receive from a common property exceeds the marginal cost of its use, then

a) more people will use the common property. b) social gain is as large as possible. c) the common property creates zero economic rent. d) demand for the common property will fall.

3. Whether or not people have identical tastes, the net value that the marginal user receives from a common property is

a) positive. b) zero. c) negative. d) uncertain.

The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.

[pic]

4. Refer to the above diagram. If access cannot be prohibited, then users of the common property receive a surplus of

a) zero. b) area I. c) area F + G + H + I. d) area A + C + F + I.

5. Refer to Common Property II. Suppose the common property becomes privately owned. If the owner behaves competitively, what entrance fee would he charge for the right to use the property?

a) PC. b) PC - P1. c) P2 - PC. d) P2 - P1.

6. Refer to Common Property II. Suppose the common property becomes privately owned. If the owner charges a competitive entrance fee for the right to use the property, social gain will equal

a) area C + D + F + G + I. b) area F + G + H + I. c) area A + B + C + D + F +...

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