ECON 1002 Quiz Week 2

ECON 1002 Quiz Week 2 A resource that has common property rights is Answer Selected Answer: Correct Answer: treated as though it has a price of zero.  Question 2 1 out of 1 points A free rider is someone who Answer Selected Answer: Correct Answer: does not pay for the good but still enjoys the benefits of consumption.  Question 3 1 out of 1 points Use the following to answer questions 2024: Reference: 13-3 The growth of access to the Internet would cause Answer Selected Answer: Correct Answer: the marginal cost curve to shift from MC  Question 4 0 out of 1 points Suppose Erie Textiles can dispose of its waste ?for free? by dumping it into a nearby river. While the firm benefits from dumping waste into the river, the waste reduces the fish and bird reproduction. This causes damage to local fishermen and bird watchers. At a cost, Erie Textiles can filter out the toxins, in which case local fishermen and bird watchers will not suffer any damage. The relevant gains (in thousands of dollars) and losses for the three parties are listed below Reference: 12-8 When Erie Textiles operates without a filter, the total daily gain (in thousand of dollars) by all three parties is _______. Answer Selected Answer: $510 Correct Answer: $475  Question 5 1 out of 1 points Your economics professor has announced the following grading policy: For each exam, the highest score in the class will be entered as a 100%; all other scores will be entered as the percent of that top score. For example, if the highest test score is a 50 out of 100, it will be counted as a perfect paper, and exams with a score of 40 out of 100 will be entered as an 80%. The final grade for the course will be determined using these adjusted percentages, with 90% and above an A, 80% and above a B, 70% and above a C and below 70% not passing. Reference: 12-23 The students all get together and decide not to study for the next exam because if nobody does well, they will all do okay. This plan Answer Selected