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Vocabulary
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WHAT am I?
Bonus
Random Trivia
100
A characteristic of a good or service that makes it possible to prevent someone from enjoying the benefits of that resource
What is excludable?
100
How do you determine the efficient quantity of a public good?
What is finding the quantity where marginal social benefits are equal to marginal social costs?
100
Riddle: Give me food and I will live. Give me water and I may die.
What is fire?
100
A good or service has this characteristic if its use by one person decreases the quantity available for someone else.
What is rival?
100
The Largest Single Brewery of Beer in the World is in which city?
What is Golden, CO. (MillerCoors) Denver would work also.
200
Cable TV and internet are examples of this type of good.
What is a natural monopoly good?
200
In the case of a public good, this method could be employed to use resources more efficiently if marginal costs exceed marginal benefits.
What is decreasing the quantity?
200
An ice cream bar could be classified as this type of good.
What is a private good?
200
This film was the highest grossing film of 2012 and grossed more than $1.5 billion.
What is the Avengers?
200
This NFC team won the Super Bowl in 2010.
What are the Saints?
300
This type of resource is rival and non-excludable.
What is a common resource?
300
Demand curves for Natural Monopoly Goods do not follow the "Law of Demand"
What is a false? Just as with other goods, a decrease in price will tend to lead to an increase in demand, although it may not change by much (inelastic)
300
Fish in the ocean would be classified as this type of good.
What is a common resource?
300
These are three examples of public goods. (Any will do)
What is __________? (National defense, flood control levees, fire protection)
300
This European country boasts the second largest turkey population in the world.
What is France?
400
Give the definition of a public good and provide an example (your response does not need to be in question format).
A good or service that can be consumed simultaneously by everyone and from which no one can be excluded. An example would be national defense.
400
For a private good, the marginal benefit curve can be represented by this curve.
What is the market demand curve?
400
The internet could best be classified as this type of good. (A correct response will include the rationale for why)
What is a natural monopoly? Natural monopoly because it is excludable and non-rival.
400
A toll road is an example of this type of good. (Your answer should include the rationale)
What is a natural monopoly good? It is a natural monopoly good because it is excludable and non-rival.
400
This country is the most populated country in Africa?
What is Nigeria?
500
This type of word mimics or imitates the source of the sound that it describes.
What is an onomatopoeia?
500
The Marginal Social Benefits of national defense represent what? (Your response does not need to be in the form of a question)
The sum of the marginal benefits of all the people in the economy.
500
Your Facebook page is defined by these characteristics in terms of rivalry and excludability?
What is non-rival and either excludable or non-excludable (privacy settings)?
500
What is a free rider and why does it often lead to government intervention? (Your response does not need to be in the form of a question)
A free rider is a person who enjoys the benefits of something without paying for it. Because of the characteristics of public goods, there is often no incentive to pay for them, often leading to a free riding problem. This leads to underproduction of the good or service by the private sector and may justify government intervention to ensure that the socially optimal quantity is produced.
500
According to a 2001 Gallup poll, this is the top fear of American adults.
What are snakes?