The United Nations Secretary-General has called for COVID-19 vaccines to be considered global public goods. Based on our definition of public goods vaccines are O public goods and UN is right. O private goods. club goods. common goods.
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- Which of the following are examples of negative externalities? A. Reduced spread of COVID-19 and other infectious diseases from people physically distancing and wearing masks. B. Unsightly oil rigs offshore from Santa Barbara, diminishing the quality of the view for beachgoers and coastal homeowners. C. Reduced incidence of the common flu stemming from more people obtaining flu shots during the Fall. D. Reduced crime rates stemming from rapid economic growth and reduced unemployment. E. High gas prices caused by rapid demand growth in China. F. Job losses associated with a factory closure in the United States, because a factory was opened in Mexico to replace it. G. Noise from traffic on a busy street. H. Light pollution from cities making it more difficult for observatories to view distant stars. I. Noise pollution eminating from windmills on the North Shore of Oahu. J. Pollution emissions from power plants.Do COVID-19 Vaccines create external benefit? Why? Then should the government subsidize this activity?First option is "rival in consumption" or "non-rival in consumption" Second option is "excludable" or "non-excludable" Third option is "rival in consumption" or "non-rival in consumption" Fourth option is "excludable" or "non-excludable" Fifth option is "a private good" or " a club good" or "a common resource" or "a public good" Sixth option is "a private good" or " a club good" or "a common resource" or "a public good" Seventh option is "moral hazard" or "adverse selection" or "the Tragedy of the commons"
- In order to suppress the spread of a viral disease, the government has resorted to nonpharmaceutical interventions (NPIs) that restrict the mobility of individuals such as quarantine and lockdown. Provide an economic framework, based on private and social benefits and costs that could guide the government in selecting the appropriate form and level of NPI. In the absence of a highly contagious disease, an individual engaging in activity x does not externalize any cost to others. In the presence of the disease, then an infected individual can transmit the disease to others during the performance of his or her activities. a. Discuss the nature of the externality, if there is any.Combating emissions that lead to global warming differs from other types of pollution abatement because the process of combating global warming is _____ cumulative. long run and short run and long run and not short run and notTrue/False Provision of public goods is the same as public production
- Consider an infectious disease such as the flu which is spread primarily through virus particles in aerosolized respiratory droplets of already infected people. a In the midst of an infectious disease epidemic of this sort, is it privately rational for people to limit their exposure to other people, perhaps by staying home from work or not going to school? b An infected person who goes out into public areas and does not take precautions to contain their respiratory emissions clearly poses a negative externality on those around them. Does an uninfected person going out into public areas also pose a negative externality? c For a particularly severe disease outbreak of this sort, one possible government response is to exaggerate to the public both the harm that might arise from contracting the disease and the likelihood of contracting the disease. In what ways might such a strategy reduce the harm to the public from the disease epidemic? In what ways might such a strategy increase the…What are the perceived private costs and benefits of taking a COVID vaccine from the perspective of the following groups? (These will likely differ by group but there can be costs and benefits for both groups). Do these benefits outweigh the costs for each group? a. People willing to take the vaccine. b. Vaccine-hesitant individuals.The two main characteristics of a public good are Multiple Choice production at constant marginal cost and rising demand. nonexcludability and production at rising marginal cost. nonrivalry and nonexcludability. nonrivalry and large negative externalities.
- A global-positioning anti-theft device installed by one car owner can produce a positive spillover to other citizens in a community. Discuss the impact on the: (iii) Private cost curve (iv) Social cost curvePublic goods are BEST defined as those which possessed the characteristics of: irresistibility, indivisibility, and non-excludability non-rivalry, excludability and having no opportunity costs irresistibility, divisibility, and possessing positive externalities indivisibility, non-excludability, and non-rivalryThe free-rider problem exists because some goods or services that are rival and leave some people without them. some goods or services are excludable and cause envy for those who don't have them. people must all consume the same public good and so everyone wants to pay for it. private goods or services cause some people to want to take them for free. people cannot be excluded from consuming public goods even if they don't pay for them.