Many environmental resources are public goods, which are characterized by ?

Related Mcqs:

1. A graph showing all the combinations of goods and services that can be produced if all of society’s resources are used efficiently is a ?

   A. capital consumption frontier.
   B. Lorenz curve.
   C. Circular-flow diagram.
   D. Production possibility curve.

2. From the perspective of the American public as a whole, export subsidies levied by overseas governments on goods sold to the United States ?

   A. help more than they hurt
   B. hurt more then they help
   C. are equivalent to an import quota
   D. are equivalent to an export quota

3. The optimal level of provision of public goods is where society total willingness to pay per unit is equal to the ?

   A. variable cost of producing the good
   B. average cost of producing the good
   C. marginal cost of producing the good
   D. total cost of producing the good

4. Public goods are difficult for a private market to provide due to ?

   A. the rivalness problem
   B. the public goods problem
   C. the Tragedy of the Commons.
   D. The free-rider problem.

5. A country can still gain from trading certain goods even though its trading partners can produce those goods more cheaply. How is known this principle ?

   A. Relative Advantage
   B. Complete Advantage
   C. Comparative Edge
   D. Comparative Advantage

6. A country can still gain from trading certain goods even though its trading partners can produce those goods more cheaply. How is known this principle?

   A. Relative Advantage
   B. Complete Advantage
   C. Comparative Edge
   D. Comparative Advantage

7. Inferior goods have _________ and luxury goods have _________?

   A. negative income elasticity income elasticity greater than 1
   B. income elasticity greater than 1, negative income elasticities
   C. Positive income elasticities, negative income elasticities
   D. None of the above

8. If the cross-price elasticity of demand between two goods is negative, then the two goods are ?

   A. normal goods
   B. unrelated goods
   C. Substitutes.
   D. Complements

9. _______ states that as real GNP per capita rises, people demand relatively more social goods and relatively fewer private goods?

   A. incomes policy
   B. Moral hazard
   C. Wagner’s law
   D. Fiscal policy

10. If the cross-price elasticity between two goods is negative the two goods are likely to be ?

    A. substitutes
    B. complements
    C. necessities
    D. luxuries