54) Why do economists believe that it is socially optimal to have some amount of pollution?
31.4 Common Property
1) When negative externalities exist, a voluntary agreement can be negotiated. Which of the following statements is true?
A) Voluntary agreements usually do not work since the owner has no incentive to negotiate.
B) Transactions costs must be low relative to the expected benefits of reaching an agreement.
C) Voluntary agreements are difficult to negotiate because they usually involve government intervention.
D) Voluntary agreements always leave the owner worse off.
2) Which of the following would be viewed as a common property problem?
A) Your property is burglarized.
B) Vandals damage your property.
C) People pick all of the flowers in a public park.
D) To be safe you must lock your door at night.
3) All the costs associated with making, reaching, and enforcing agreements are called
A) private costs.
B) internal costs.
C) transaction costs.
D) social costs.
4) The exclusive rights of ownership that allow the use, transfer, and exchange of property are called
A) common property rights.
B) private property rights.
D) social benefits.
5) Economic theory suggests that if natural resources can be held as private property, then
A) conservation will be nonexistent.
B) owners will have an incentive not to abuse them.
C) natural resources will be sold off for immediate use.
D) people will simply hold them and refuse to make them available.
6) Common property ownership is most apt to lead to
A) an efficient allocation of resources.
B) production at a rate at which price is less than social cost.
C) a decrease of externalities.
D) an increase in pollution.
7) When no property rights exist,
A) no one has an economic incentive to care for common property, and an externality may well occur.
B) there will be no production.
C) externalities will be internalized by voluntary arrangements among a small group of parties.
D) society will produce beyond the production possibilities frontier, but the allocation of resources is not apt to be optimal.
8) Private property rights involve
A) exclusive rights to use, transfer, and exchange the property.
B) exclusive rights to use property, but not to exchange the property.
C) rights to enjoy the property in any way desired but not to transfer or exchange the property.
D) rights granted by the government for renewable terms of 100 years or more.
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