Posted: May 13th, 2018

Devry ECO450 Week 4 Quiz

ECO 450 Week 4 QuizQuestion 1Which of the following is a good example of a congestible public good?Question 2A baseball field is:Question 3A means of creating a price-excludable public good is:Question 4An example of an undesirable public good (or public “bad”) is:Question 6The marginal cost of making a given quantity of a congestible public good available to more con­sumers is:Question 7Public transportation is:Question 8The efficient output of a pure public good is achieved at the point at which:Question 9The demand curve for a pure public good is:Question 10The nonrival property of pure public goods implies that the:Question 11The principle of nonexclusion for pure public goods means that the benefits of the good:Question 12The free-rider problem:Question 13Cable TV programming is an example of a:Question 14The 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 15The 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 16If a person has multiple-peaked preferences for a pure public good,Question 17A 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:Question 18If all voters have single-peaked preferences for a pure public good, then the political equilibrium under majority rule:Question 19A voter’s most-preferred political outcome will be that for which the:Question 20A 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 21A 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 22Implicit logrolling results when:Question 23Arrow’s impossibility theorem states:Question 24Which of the following collective choice rules is likely to incur the highest political transactions costs?Question 25If 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 26Which of the following collective choice rules is likely to have the lowest political externalities?Question 27The demand curve for a pure public good is:Question 28Voter 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 29The plurality rule is:Question 30A public choice is:

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