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1、MankiwChapter11SOLUTIONSTOTEXTPROBLEMS:QuickQuizzes1.Publicgoodsaregoodsthatareneitherexcludablenorrivalinconsumption.Examplesincludenationaldefense,knowledge,anduncongestednontollroads.Commonresourcesaregoodsthatarerivalinconsumptionbutnotexcludable.Ex
2、amplesincludefishintheocean,theenvironment,andcongestednontollroads.2.Thefree-riderproblemoccurswhenpeoplereceivethebenefitsofagoodbutavoidpayingforit.Thefree-riderprobleminducesthegovernmenttoprovidepublicgoodsbecausetheprivatemarketwillnotproduceaneff
3、icientquantityonitsown.Thegovernmentusestaxrevenuetoprovidethegood,everyonepaysforit,andeveryoneenjoysitsbenefits.Thegovernmentshoulddecidewhethertoprovideapublicgoodbycomparingthegood’scoststoitsbenefits.Ifthebenefitsexceedthecosts,societyisbetteroff.3
4、.Governmentstrytolimittheuseofcommonresourcesbecauseoneperson’suseoftheresourcediminishesothers’useofit.Thismeansthatthereisanegativeexternalityandpeopletendtousecommonresourcesexcessively.QuestionsforReview1.Anexcludablegoodisonethatpeoplecanbeprevente
5、dfromusing.Agoodthatisrivalinconsumptionisoneforwhichoneperson'suseofitdiminishesanotherperson'senjoymentofit.Pizzaisbothexcludable,becauseapizzaproducercanpreventsomeonefromeatingitwhodoesn'tpayforit,andrivalinconsumption,becausewhenonepersoneatsit,noo
6、neelsecaneatit.2.Apublicgoodisagoodthatisneitherexcludablenorrivalinconsumption.Anexampleisnationaldefense,whichprotectstheentirenation.Noonecanbepreventedfromenjoyingthebenefitsofit,soitisnotexcludable,andanadditionalpersonwhobenefitsfromitdoesnotdimin
7、ishthevalueofittoothers,soitisnotrivalinconsumption.Theprivatemarketwillnotsupplythegood,becausenoonewouldpayforitbecausetheycannotbeexcludedfromenjoyingitiftheydon'tpayforit.3.Cost–benefitanalysisisastudythatcomparesthecostsandbenefitstosocietyofprovid
8、ingapublicgood.Itisimportantbecausethegovernmentneedstoknowwhichpublicgoodspeoplevaluemosthighlyandwhichhavebenefitsthatexceedthecostsofsupplyingthem.Itishardtodobecausequantifyingthebenefitsisdifficulttodofromaquestionnaireandbe
