1. The lionfish is an invasive species from the Indo-Pacific, now also found in
ID: 1223755 • Letter: 1
Question
1. The lionfish is an invasive species from the Indo-Pacific, now also found in the East Coast of the United States and in the Caribbean. An exceptional predator that reproduces year round, the lionfish has wreaked havoc on the natural ecosystem with a population more than 10 times higher than in its native environment. With a population so high, it is unlikely the extermination practices of any one person, or even any one organization could eliminate them, though eliminating them would benefit everyone. Therefore, the National Oceanic and Atmospheric Administration (NOAA) launched a campaign highlighting how tasty lionfish are and presenting instructions on how to cook them. The NOAA's approach to solving this problem is best described as using the economics of:
A) public goods to solve nonexcludable goods.
B) private goods to solve the tragedy of the commons. (incorrect answer)
C) private goods to solve a public goods free riding problem.
D) commons resources to solve forced riding.
2. Voting and other democratic procedures: I. provide information about an individual's preferences for public goods. II. result in an efficient allocation of resources. III. result in the government underproducing public goods, just like the market would.
A) I and II only (incorrect answer)
B) I and III only
C) III only
D) I only
3. Most nonrival private goods are priced ______ marginal cost.
A) above
B) below (incorrect answer)
C) at
D) indeterminately compared with
4. Which of the following is a list of rival, excludable goods only?
A) a watermelon, toll highways, a private beach, a chair
B) a watermelon, cable Internet service, a private beach, a pencil, a chair
C) a watermelon, a chair, a pencil
D) online video games, a watermelon, a private beach, a pencil, a chair (incorrect answer)
Explanation / Answer
the right answer is
1. D) commons resources to solve forced riding. Here the common resoures will be used to solve the problem like common man and every individual who eats fish.
2. D) I only
3. A) above
4. B) a watermelon, cable Internet service, a private beach, a pencil, a chair
All these can be used as passing time as rivals.
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