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Question 1 2 pts The Coase theorem states that O public goods should be produced up to the point where the additional benefit received by society equals the additional cost of producing the good. under certain conditions, private parties can arrive at the efficient solution without government involvement. O the private sector will fail to produce the efficient amount of a public good because of the free-rider problem. O if there are external costs in production, the government must intervene in the market to assure that the efficient level of output is produced. D Question 2 2 pts The Coase theorem will apply only if the amount of compensation that must be made to the damaged party is small. an individual who is not affected by the externality can negotiate a settlement between the parties imposing the externality and the parties that are harmed by the externality. O the number of people involved is small. O the courts can be used to determine the amount of compensation that must be made to the damaged party. D Question 3 2 pts An efficient outcome can always be reached by requiring the individual who produces the externality to fully compensate individuals for any damage inflicted. O TRUE O FALSE3 Question 4 In any case where there is a negative externality, it is better to form a government agency to solve the problem. 0 FALSE 0 TRUE 3 Question 5 If one person's enjoyment of the benets of a good does not interfere with another's consumption of it, the good is o rival in consumption. 0 nonexcludable. O nonrival in consumption. 0 cxcludablc. 3 Question 6 Because people can enjoy the benets of public goods whether they pay for them or not. they are usually unwilling to pay for them. This is known as the O droprinrtherbucket problem, 0 free-riderprublem. O nonrival problem. 0 nonexcludable problem. D Question 7 2 pts If, at a low cost, you cannot prevent a person from benefiting from the consumption of a good you produced, the good is O nonexcludable. O excludable. nonrival in consumption. O rival in consumption. D Question 8 2 pts A television signal sent by cable is in consumption and viewers are O rival; excludable O nonrival; excludable O nonrival; nonexcludable O rival; nonexcludable