S 1. Problems and Applications Q1 Use the following classification to determine which category each of the following goods falls into. M u! Excludable? de =O Rival in consumption? Yes No Private Goods Club Goods Yes • Ice-cream cones • Clothing • Congested toll roads Common Resources No . Fish in the ocean The environment Congested nontoll roads Fire protection Cable TV • Uncongested toll roads Public Goods • Tornado siren National defense Uncongested nontoll roads Goods Rural roads Meter parking at municipal parking lot Public basketball courts City parks during the winter Private security patrol with idle officers Private Good Club Good Common Resource Public Good
S 1. Problems and Applications Q1 Use the following classification to determine which category each of the following goods falls into. M u! Excludable? de =O Rival in consumption? Yes No Private Goods Club Goods Yes • Ice-cream cones • Clothing • Congested toll roads Common Resources No . Fish in the ocean The environment Congested nontoll roads Fire protection Cable TV • Uncongested toll roads Public Goods • Tornado siren National defense Uncongested nontoll roads Goods Rural roads Meter parking at municipal parking lot Public basketball courts City parks during the winter Private security patrol with idle officers Private Good Club Good Common Resource Public Good
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Use the following classification to determine which category each of the following goods falls into....
Please provide steps by step answer with proper explanation with final answer.....
Transcribed Image Text:S
1. Problems and Applications Q1
Use the following classification to determine which category each of the following goods falls into.
M
u!
Excludable?
de
=O
Rival in consumption?
Yes
No
Private Goods
Club Goods
Yes
• Ice-cream cones
• Clothing
• Congested toll roads
Common Resources
No
.
Fish in the ocean
The environment
Congested nontoll roads
Fire protection
Cable TV
• Uncongested toll roads
Public Goods
• Tornado siren
National defense
Uncongested nontoll roads
Goods
Rural roads
Meter parking at municipal parking lot
Public basketball courts
City parks during the winter
Private security patrol with idle officers
Private Good Club Good Common Resource Public Good
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education