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ECO 450 Week 4 Quiz (Devry)

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Product Description Question 1 Which of the following is a good example of a congestible public good? Question 2 A baseball field is: Question 3 A means of creating a price-excludable public good is: Question 4 An example of an undesirable public good (or public “bad�) is: Question 6 The marginal cost of making a given quantity of a congestible public good available to more con sumers is: Question 7 Public transportation is: Question 8 The efficient output of a pure public good is achieved at the point at which: Question 9 The demand curve for a pure public good is: Question 10 The nonrival property of pure public goods implies that the: Question 11 The principle of nonexclusion for pure public goods means that the benefits of the good: Question 12 The free-rider problem: Question 13 Cable TV programming is an example of a: Question 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: Question 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, Question 16 If a person has multiple-peaked preferences for a pure public good, Question 17 A community currently hires 10 security guards per week to patrol their neighborhood. Each secu rity 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: Question 18 If all voters have single-peaked preferences for a pure public good, then the political equilibrium under majority rule: Question 19 A voter’s most-preferred political outcome will be that for which the: Question 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: Question 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: Question 22 Implicit logrolling results when: Question 23 Arrow’s impossibility theorem states: Question 24 Which of the following collective choice rules is likely to incur the highest political transactions costs? Question 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: Question 26 Which of the following collective choice rules is likely to have the lowest political externalities? Question 27 The demand curve for a pure public good is: Question 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,

Question 29 The plurality rule is: Question 30 A public choice is:

Eco 450 week 4 quiz (devry)