What is a collective good?

• A good available only to contributors

• A good available to all members of a group regardless of their contributions

• A good available to a select few

• A good that requires payment for access

Which of the following is an example of a collective good?

• Private property

• A sustainable natural environment

• A luxury car

• A personal computer

What term describes the situation where individuals overuse a shared resource, leading to its depletion?

• Tragedy of the commons

• Collective bargaining

• Resource allocation

• Market failure

What is meant by "global commons"?

• Resources owned by a single nation

• Resources shared by all nations

• Resources that are privately owned

• Resources that are not accessible to anyone

What is a characteristic of Command and Control (CAC) policy prescriptions?

• Low administrative costs

• High flexibility

• Costly with lots of administration

• No regulations involved

How do Taxes and Subsidies help manufacturers according to the policy prescriptions?

• By reducing production costs

• By internalizing costs better

• By eliminating taxes

• By increasing subsidies only

What is a feature of the Market-based mechanism proposed by Ronald Coase?

• High transaction costs

• No property rights assigned

• Cap & Trade

• No bargaining involved

In which year was the UN Conference held in Stockholm, Sweden?

• 1982

• 1992

• 1972

• 2002

Where was the UN Conference held in 1982?

• Stockholm, Sweden

• Nairobi, Kenya

• Rio de Janeiro, Brazil

• Paris, France

What was the name of the conference held in Rio de Janeiro in 1992?

• UN Conference

• Earth Summit

• Climate Change Conference

• Global Forum