1. Which one of the following is the least-likely to be subject to exploitation as a common property resource?
- A public park
- A parking lot
- The atmosphere
- An open-ocean fishery
- A river
2. What is the typical shape of a total product curve?
- An S-shape
- A constantly increasing line
- A U-shape
- An inverted U-shape
- A constantly decreasing line
3. The open access equilibrium for a common property resource occurs at the point where...
- Total private benefits are maximized
- Marginal revenue equals marginal cost
- Average revenue equals marginal cost
- Total social benefits are maximized
- Marginal revenue equals total costs
4. The economic optimum production level for a common property resource occurs where ...
- Average revenue equals average cost
- Marginal revenue equals total costs
- Total revenue equals total costs
- Average revenue equals marginal cost
- Marginal revenue equals marginal cost
5. The open access equilibrium is usually...
- Economically inefficient but ecologically sustainable
- Neither economically efficient nor ecologically sustainable
- Highly profitable for resource users
- Economically efficient but ecologically unsustainable
- Economically efficient and ecologically sustainable