SPEA V 186 FINAL PAPER 2026 COMPREHENSIVE QUESTIONS WITH VERIFIED ANSWERS GRADED A+

SPEA V 186 FINAL PAPER 2026
COMPREHENSIVE QUESTIONS WITH
VERIFIED ANSWERS GRADED A+

⩥ characteristics of the public sector?
Answer: -notable absence of markets
-non-exchange relations
-absence of clear property rights
-non-excludability
-non-appropriatory


⩥ Rival Goods
Answer: exhaustion through consumption of the same good


⩥ non-rival goods
Answer: are not exhausted through consumption of the same good


⩥ excludable good
Answer: you can exclude people who do not pay for the good


⩥ non-excludable good

, Answer: exclusion of non-payers is not allowed


⩥ elements of a pure private good
Answer: 1.) rival
2.) excludable


⩥ elements of a pure public good
Answer: 1.) non-rival
2.) non-excludable


⩥ market failure
Answer: the under-provision or over-provision of a good or service if
provided solely by a private market
ex.) disease control


⩥ externalities
Answer: goods whose full range of costs or benefits aren't captured in
market prices. These can be negative or positive
ex.) pollution (-), disease (-), education (+), conservation (+)


⩥ what are second hand smoke, car exhaust, and manufacturing
emissions all examples of?
Answer: externalities