Q 1: As the number of years of education increases, the spillover benefits will

Question

Q 1: As the number of years of education increases, the spillover benefits will

Select one:

a. increase

b. decrease.

c. stay the same.

d. become negative.

e. none of the choices.

Q 2: Government can effectively remedy the free-rider problem by

Select one or more:

a. requiring all who receive the benefits of a public good or service to pay appropriate taxes for it.

b. imposing a tax on automobiles and all other forms of transportation.

c. eliminating all forms of transportation.

d. banning private crime prevention activities.

e. none of the choices.

Question 3

Suppose an auto worth $25,000 is stolen. The economic cost of this theft, from society's point of view, does not include

Select one:

a. the $25,000 the auto is worth.

b. the value of the resources expended by society attempting to capture the thief.

c. the value of the inconvenience caused to the owner.

d. the cost of resources used to reduce car theft.

e. all of the choices

Q 4: Education could be considered a semi-private good, since

Select one:

a. there are spillover benefits to other members of society resulting from the education of a child.

b. education of the population improves everyone's lives since it results in greater productivity and income for all members of society.

c. there are benefits to society from education, since it reduces the crime rate.

d. education produces positive externalities to society.

e. all of the choices.

Q 5:

Markets that fall between pure competition and monopoly are called:

Select one:

a. imperfectly competitive.

b. anti-competitive.

c. command markets.

d. tweener markets.

e. monopsonistic.

Explanation / Answer

Ans1) B is the correct option. Decrease. spillover benefits are the additional benefits to society that results in a price that is too high and a market quantity that is too low

Ans2) A is the correct option. requiring all who receive the benefits of a public good or service to pay appropriate taxes for it.

Ans3) A is the correct option. the $25,000 the auto is worth

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