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Econ Test 3 terms Questions with Correct Answers (Grade A+)

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Econ Test 3 terms Questions with Correct Answers (Grade A+)

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Econ Test 3 terms Questions with Correct Answers (Grade A+)

Question 1: Common resources

Answer: rival in consumption but not excludable

Question 2: Private good

Answer: rival in consumption and excludable

Question 3: Natural monopolies

Answer: not rival in consumption but excludable

Question 4: Public good

Answer: not rival in consumption and not excludable

Question 5: Externality

Answer: the uncompensated impact of one person's actions on the well-being of a bystander

Question 6: Negative externalities

Answer: exist when the social cost of a good exceeds the private cost of the good; has two supply curves;
tax

Question 7: Positive externalities

Answer: exist when the social value of a good exceeds the private value of the good; has two demand
curves; subsidies

Question 8: The Coase Theorem

Answer: the proposition that if private parties can bargain without cost over the allocation of resources, they
can solve the problem of externalities on their own

Question 9: Excludability

Answer: the property of a good whereby a person can be prevented from using it

Question 10: Rivalry in consumption

Answer: the property of a good whereby one person's use diminishes other people's use




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