Chapter 12

Public goods have which characteristics

• rivalrous and excludable

• non-rivalrous and excludable

• rivalrous and non-excludable

• non-rivalrous and non-excludable

How can economies deal with market failure of public goods?

• Price ceilings

• subsidies and grants

• taxation

• direct provision

Which is a public good

• education

• healthcare

• street lighting

• Wifi services

Which economic agent usually provides public goods?

• government

• consumers

• private sector

• tertiary sector

Public goods tend to have _____ externalities

• POSITIVE

• NEGATIVE

• INELASTIC

• ELASTIC

Goods that have positive production and consumption externalities tend to be ____ goods

• Merit

• Demerit

• Inelastic

• Elastic

If benefits of a good cannot be withheld from a particular individual the good is

• non rivalrous

• non excludable

• inelastic

• merit

The global movement that seeks to increase access by artists who want their intellectual property to be accessed more widely in the commons is known as

• tragedy of the commons

• creative commons

• copyright

• patent law

One person's consumption of a good does not diminish the quantity of that good available for others is known as

• non-rivalrous

• non-excludable

• rivalrous

• excludable

Private goods are those that are

• non-excludable

• excludable

• merit

• demerit