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Multiple Choice Quiz
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1
The payment for the use of factors of production are called:
A)interest.
B)rent.
C)pure economic rent.
D)both b and c.
2
The supply of land is _______. Therefore, land will earn _______.
A)elastic; nothing
B)elastic; whatever it can
C)inelastic; nothing
D)inelastic; whatever it can
3
A tax on rent will lead to:
A)deadweight losses.
B)market distortions.
C)no market distortions nor economic inefficiencies.
D)none of the above.
4
A commodity is called _______ when firms or consumers can capture its full economic value, but a resource is called ______ when the resource's costs and benefits do not accrue to the resource's owner.
A)appropriable; inappropriable
B)inappropriable; appropriable
C)appropriable; inefficient
D)efficient; inappropriable
5
A resource whose services are essentially fixed in supply or which does not regenerate quickly is called _______.
A)renewable
B)resourceful
C)efficient
D)nonrenewable
6
Which of the following is a renewable resource?
A)oil
B)natural gas
C)pine forests
D)all of the above are nonrenewable
7
_______ are ones whose benefits are spread amongst the entire community no matter whether individuals are willing to purchase them.
A)Private goods
B)Essential resources
C)Public goods
D)Welfare goods
8
Private goods are:
A)goods that are nonrenewable.
B)goods for which there is an unlimited supply.
C)goods that can be divided and provided separately to different individuals, with no external benefits or costs to others.
D)all of the above.
9
Which of the following involves asking people how much they would be willing to pay in a hypothetical situation?
A)advocate valuation
B)hypothetical valuation
C)contingent valuation
D)none of the above
10
Which of the following require that firms pay a tax on their pollution equal to the amount of external damage it causes?
A)social regulations
B)command-and-control regulations
C)abatement quotas
D)emissions fees





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