Luis, Mina, and Daniel all would like a play area while waiting at their children's bus stop. The neighborhood association is considering installing playground equipment at the bus stop. Luis values the equipment at $150, Mina at $100, and Daniel at $100. The equipment and labor for installation cost $300. If Luis, Mina, and Daniel are the only residents who value the equipment, what should the neighborhood association do?
A. Install the playground equipment because people would like a play area.
B. Do not install the playground equipment because the costs outweigh the benefits.
C. Install the playground equipment because the benefits outweigh the costs.
Do not install the playground equipment to prevent the Tragedy of the Commons problem of overuse.
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A textbook is a
A. private good and the knowledge that one gains from reading the book is a common resource.
B. private good and the knowledge that one gains from reading the book is a public good.
C. common resource and the knowledge that one gains from reading the book is a public good.
D. common resource and the knowledge that one gains from reading the book is a private good.
The overuse of a common resource relative to its economically efficient use is called
A. the free-rider problem.
B. the Tragedy of the Commons.
C. a public good.
D. cost-benefit analysis.
Which of the following is not a typical solution to the "Tragedy of the Commons?"
A. Taxing the use of the common resource
B. Turning the common resource into a club good
C. Turning the common resource into a private good
D. Regulating the use of the common resource
The town of Smallhaven is on a small island connected to Large City by a single bridge. Most of the residents of Smallhaven work in Large City. As a result, the bridge becomes very congested for two hours each day at the typical morning and evening commute times. Which of the following policies considered by the mayor of Smallhaven would likely be most efficient in alleviating the congestion?
A fixed toll for the bridge payable by every vehicle crossing the bridge at all days and times.
B. A variable toll for the bridge payable only by vehicles crossing the bridge during the congested commute times.
C. Any vehicle crossing the bridge at any time must have a sticker paid for with a one-time fee of $25.
D. A press conference in which the mayor requests that people try to cross the bridge earlier or later than the typical commute times.
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