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Economics 101 Practice Test: Public Goods and Common Resources
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Public goods and common resources are two types of goods that have different characteristics and implications for social welfare.  In economics, a public good is a good that is both non-excludable and non-rivalrous. This means that one person's use of the good does not diminish its availability to others. For example, fresh air is a public good.  A common resource is a product or resource that is non-excludable but rival. This means that one person's consumption reduces the availability for others. For example, wild fish stocks in the ocean are a common good.  Some examples of common... Show more
Economics 101 Practice Test: Public Goods and Common Resources
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25 Questions

1. If a road is congested, then use of that road by an additional person would lead to a
2. Which of the following suggests that individuals do not place an infinite value on human life?
3. Two characteristics of any private good are
4. It is common knowledge that many U.S. national parks have become overused. One possible solution to this problem is to
5. If one person’s use of a good diminishes another person’s enjoyment of it, the good is
6. Fire protection is a good example of a natural monopoly good because
7. Which of the following will NOT occur when a person uses a common resource?
8. The reason why elephants are endangered and cows are not is because
9. A lighthouse is typically considered a good example of a public good because
10. In an attempt to improve the pollution problem outside the central city of Singapore, the Singapore government
11. Each of the following explain why cost–benefit analysis is such a difficult job EXCEPT
12. In an attempt to remedy the presence of a negative externality such as pollution in a market, the government may choose to impose a
13. Knowledge is a good example of a
14. If everyone benefits from helping the poor,
15. Overuse of common resources can potentially be resolved by governments that
16. Public goods such as national defense are provided by the government because
17. One problem that occurs when the government places a tax on gasoline is that it
18. The fish in the ocean are an example of a
19. The Tragedy of the Commons can be corrected by
20. Some goods can be either common resources or public goods depending on
21. If a road is congested, then use of that road by an additional person would lead to a
22. A common theme among examples of market failure is
23. Which characteristic is associated with both public goods as well as common resources?
24. In all cases, the market fails to allocate resources efficiently because
25. What is meant by the non-excludability characteristic of public goods?

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