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ECON 1000 Chapter Notes - Chapter 17: Private Good, Pearson Education, Natural Monopoly

1399 views28 pages
greyduck304
26 Sep 2015
School
York University
Department
Economics
Course
ECON 1000
Professor
Sam Lanfranco

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ECON 1000 Full Course Notes
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Document Summary

17. 1 classifying goods and resources: a public good is, nonrival and nonexcludable, produced by monopolies, rival and excludable, rival and nonexcludable, nonrival and excludable. Topic: classifying goods and resources: private goods are, nonrival and excludable, nonrival and nonexcludable, always produced in a non-regulated market, rival and excludable, rival and nonexcludable. Topic: classifying goods and resources: when a good is nonrival and nonexcludable, it is a, natural monopoly, private good, regulated good, public good, common resource. Topic: classifying goods and resources: when a good is rival and excludable, it is a, natural monopoly, public good, regulated good, private good, common resource. Parkin/bade, economics: canada in the global environment, 8e: a natural monopoly is, nonrival, excludable, rival, nonexcludable, both a and b. Topic: classifying goods and resources: an example of a public good is, national defence, a ford truck, a loaf of bread, a home computer, a television.

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Related Questions

If a good is both nonexcludable and rival in consumption, then it is                       .

A. a private good 

B. a club good 

C. a common resource 

D. public good 

Identifying and Providing Types of Goods

You will explain why some goods should be provided by the government and others should be provided by businesses. Given a list, correctly identify types of goods based on excludability and rivalness. Support

your answer.

TTask 1:

Consider the following list of goods. For each good, explain the following points.

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be provided

by the private market or the government.

Answer for each event below.

A.

A cup of coffee at a coffee shop

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associa

ted with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the

government.

B.

City fire protection

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private mark

et should provide this good or the government should provide

this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the government.

C.

Polar bears in the Arctic

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government shoul

d provide

this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the government.

D.

Clean air

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be provided by the private market or the government.

1. Without government intervention, public goods tend to be

a. underproduced and common resources tend to be under-consumed.

b. overproduced and common resources tend to be overconsumed

c. overproduced and common resources tend to be under-consumed.

d. underproduced and common resources tend to be overconsumed.

 

2. Which of the following pairs of goods includes a good that is excludable and rival in consumption as well as a good that is not excludable and not rival in consumption?

a. congested non-toll road, national defense

b. tablet computer, a gym membership at a gym that always has plenty of open equipment and classes

c. online music subscription, streetlight

d. tablet computer, national defense

 

3. Which of the following is a lesson from the Condorcet paradox?

a. Majority voting always indicates what outcome a society really wants.

b. Under certain conditions, there is no scheme for aggregating individual preferences.

c. When there are more than two options, deciding the order in which to vote can have a powerful influence over the outcome of an election.

d. If voters are choosing a point along a line, then the majority rule will pick the most preferred point of the median voter.