Liberty University ECON 213 Quiz 6 Complete Solutions Correct Answers Key

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Liberty University ECON 213Quiz 6Complete Solutions Correct Answers KeyTwo versionsQuestion 1 Refer to the accompanying figure, which shows the market for fish, to answer thequestions that follow. If the government sets a quota of 300 pounds of fish caught per day, thenfish will sell for __________ more per pound than the cost of catching the fish.Question 2 The tragedy of the commons occurs because the good being produced is:Question 3 The government has identified a situation where the production of a good is creatinga negative externality. The government should enact legislation to require firms to internalize theexternality:Question 4 Which of the following characteristics best defines a public good?Question 5 The market works efficiently in the absence of externalities if the good is:Question 6 Visiting the public beach during summer is an example of an activity that is:Question 7 Copyright laws exist to:Question 8 The marketoverproduces commonresource goods because private decisionmakersconsider __________ costs but society experiences __________ costs.Question 9 Which of the following characteristics best defines a private good?Question 10 Your neighbor is an avid gardener who changes his flower displays four times peryear and who was given the “best yard on the block” award last year. While you personally enjoythese changing flower displays, some of your neighbors have said they do not like some of theflowers your neighbor chooses to plant. For you, this is an example of:Question 11 The ability to download music and movies from the Internet without paying is:Question 12 Consider the following scenario when answering the questions that follow: Jonesowns a factory that is dumping toxic waste into a river where Smith owns a resort. At present,Jones is not filtering the water that he dumps into the river. There is a filter he could install thatwould remove a significant amount of the toxic elements from the water before it is dumped inthe river. Jones and Smith have each assessed the situation and come up with the following data:If property rights over the river are assigned to Jones, then:

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