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Exam 13: Positive Externalities and Public Goods

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Question 1

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Market competition can provide _______ for _______,

A) unsustained profits; firms with marketable patents
B) the needed incentive; discovering new technologies
C) time; competitors to catch up with other's inventions
D) an opportunity; competitors seeking out innovations

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Question 2

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In the case of technology, it can sometimes be quite difficult for _______ to earn a _______ Rate of return from their inventions.

A) individuals; high
B) public investors; low
C) private investors; reasonable
D) the whole of society; high

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Question 3

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Some studies done by economists have found that the original inventor receives _______ From innovations, while other businesses and new product users receive the rest of the benefit.

A complementary approach to supporting R&D that does not involve the government's close scrutiny of particular R&D projects is to give firms

Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the lake it will cost 1200 and generate social benefits of 1500 - however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 - however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. If Wisconsin does not clean the lake and Michigan does then the payoffs will be

In economic terms, when I'mASoftwareCo. invests in new technology innovations,

In order for a good to be classified as _______, when one person uses the good, others are also able to use it.

While the majority of economists acknowledge that intellectual property rights do provide a method for increasing the rate of return for inventors, some have suggested there are number of reasons to doubt whether patents provide

Generally, market competition and technology can

Because of the legal protection for intellectual property, such as patents, a firm has a better chance of recouping the costs of research if it pursues

If the maintenance fees for a lighthouse are paid in full each year by charging port fees, then the lighthouse is

Which of the following circumstances would encourage I'MaPharmaCo. to increase research and development activities?

List the variety of policy tools available to government for increasing the rate of return for new technology and encouraging its development.

If an alternative policy could encourage both _______, instead of _______ , consumers would benefit.

Which of the following legislation was enacted in 1998 to allow copyright to be extended from 50 to 70 years after an author's death?

I'mAComputerCo. would likely be more willing to undertake an innovative research project to reduce the amount of electricity required to run its computers if there were some form of guarantee that if it succeeded,

Briefly discuss the pros and cons of market competition as same relates to research and development of new technologies.

Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the lake it will cost 1200 and generate social benefits of 1500 - however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 - however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. If both states clean the lake, the payoffs will be

Both Wisconsin and Illinois border Lake Michigan. The lake is becoming polluted and both states are deciding whether or not to clean it. If Wisconsin decides to clean the lake it will cost 1200 and generate social benefits of 1500 - however, Wisconsin will receive only 1100 of those social benefits while neighbor Illinois will receive the other 400. If Illinois cleans the lake, it will cost them 700 and generate social benefits of 900 - however, Illinois will receive only 600 of those benefits, Wisconsin will receive the remaining 300. If a state does not clean the lake, it experiences a cost of $0. In the absence of any agreement, the outcome of this game will be

Briefly explain why markets often have a difficult time producing public goods.