5) When Raising Cane's Chicken Fingers restaurant opened in East Lansing, a line of 400 customers wrapped around the block. Suppose you are considering waiting in that line. You've decided that your marginal benefit from getting to buy chicken fingers on opening day to be $10. Which of the following statements is true? A) The private marginal benefit is greater than $10 B) External marginal cost is greater than zero because you will be making the line longer for other people C) If private marginal cost is greater than $10, you will decide to get in line D) If private marginal benefit is less than social marginal cost, you will decide to get in line 6) A September 2022 New York Times article discusses the potential impact of implementing road tolls in Manhattan: The plan to put tolls on drivers on Manhattan's busiest streets is intended to spare New York City's central business district from pollution and gridlock while raising money for public transit. But while some of the city's wealthiest neighborhoods would enjoy the greatest benefits, one of its poorest and most polluted the South Bronx could end up with dirtier air from diverted traffic... The plan seeks to decrease the number of vehicles on the road and boost public transit at a time when cities globally are seeking to curb harmful emissions from cars, buildings and power plants to combat climate change. But according to an environmental assessment released by the Metropolitan Transportation Authority, motorists detouring around the new tolls could add traffic and soot to parts of the Bronx, Staten Island, Nassau County on Long Island and Bergen County in New Jersey.

According to the above article, putting tolls on people who drive in Manhattan will result in ___________ enjoying positive externalities and _____________ suffering from negative externalities A) Manhattan residents; South Bronx residents B) Nobody; Manhattan residents C) Drivers in Manhattan; South Bronx residents D) Drivers in the South Bronx; Manhattan residents 7) It has been determined that producing one ton of coal creates health costs in the surrounding area that are equal to $3. This can be graphed using some of the lines shown below. Which of the following is true: A) 1 is social supply and 2 is private supply B) 2 is social supply and 1 is private suply C) 1 is social demand and 2 is private demand D) 2 is social demand and 1 is private demand 8) Demand for flu shots is shown in the graph below. The vaccine industry is such that the marginal cost of producing one flu shot is always $4, no matter what the quantity is. Next, suppose the government determines that getting vaccinated confers a positive externality of $2 per shot. They decide to put a corrective subsidy of $2 in place in order to "internalize the externality" (as we discussed in class). Which of the following is true: A) Putting the subsidy in place has no impact on the equilibrium number of vaccines B) Putting the subsidy in place increases the equilibrium number of vaccines by 1 C) Putting the subsidy in place increases the equilibrium number of vaccines by 2 D) Putting the subsidy in place increases the equilibrium number of vaccines by 4 9) Which of the following is the best example of a nonrival good? A) Netflix B) Fish in a lake C) The first-place prize in a golf tournament D) Cigarettes 10) Which of the following is the best example of a free-rider problem? A) People line up early in the morning to get the best seats to a MSU football game, even though everyone would be better off if they just came one hour later. B) One of your classes has group projects, and everyone in the group gets the same grade on the project. You decide not to do any work on the project. C) You and your roommate use the principle of comparative advantage to divide up chores D) You use a library card to check a book out of the library

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