Froggy Jumps
Food and Resources
2
Which of the following is the least likely to be considered an open-access resource?
3
An unintended consequence or side-effect (either beneficial or detrimental) associated with a market good is referred to as:
4
Which of the following are markets best at allocating?
5
What is true about a market demand curve for a public good that differentiates it from a private good?
6
Suppose a positive externality leads to an inefficient market equilibrium. What is true of the inefficient equilibrium quantity relative to the efficient equilibrium quantity?
8
Three big piles of trash in my front yard in plain view of my neighbors is an example of:
9
Externalities exist because
10
What is typically true in the case of an open-access resource?
11
What is typically true in the case of an open-access resource?
12
Which of the following is true of resource rents?
13
The absence of this characteristic from property rights is the primary cause of externalities:
15
Market failure can result because:
16
This refers to a bundle of entitlements defining the owner’s rights, privileges, and limitations.
17
During our fisheries class example, we saw a prime example of how:
18
If all of the fishing companies in the game were consolidated into a single company that had complete control of the fishery, and the fleet captain was Coach Jeff Lebby, then:
19
A fish in the ocean is:
20
The main problem with an open-access resource like a fish is that:
21
An open-access resource is:
22
Ronald Coase argued that if transactions costs (the cost of doing business) were low enough, then:
23
Coase’s proposal shows that there is a potential to correct externalities how?
24
When might Coase’s proposed method be the only feasible way to correct the externality?
25
Coase’s proposal has been misinterpreted and abused by free-market advocates. What major assumption of his did they gloss over in order to push their agenda?
26
If Coase’s point was not that government intervention is always unnecessary, then what was the main point he was trying to make?
27
A positive externality:
28
When is an externality not a market failure (and thus not really an externality)?
29
Imposing a tax in an externality situation:
30
If, in our class example, if a tax were imposed on the farm for polluting the river, then we are assuming implicitly that:
31
This characteristic of property rights requires that all benefits and costs accrued as a result of owning and using the resources should accrue to the owner, and only to the owner, either directly or indirectly by sale to others.
32
Having well-defined property rights is important because:
33
Which of the following is always TRUE of a market failure?
34
An externality is a type of:
35
An externality exists when:
36
Economists advocate free markets because:
37
Which of the following is NOT one of the things we took as given when we analyzed various markets during the semester?
39
What’s the problem with a zero price?
40
What is true of the quantity of bottled water traded when we ignore Bully’s feelings?
41
What is true about the price of bottled water if we ignore the impact on Bully?
42
Suppose Bully were elected King of Campus, and he passed a tax on bottled water equal to the vertical distance between MCS and MCP. What would be the result?
43
What is the efficient number of boats?
44
What is true at the efficient level of boats?
45
What is the open-access equilibrium number of boats?
46
What is true at the open-access equilibrium level?
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Test your knowledge of the order of draw in Phlebotomy with these 10 questions!