Relevance of excludable goods.

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 11, Problem 1CQQ

To determine

Relevance of excludable goods.

Expert Solution & Answer

Answer to Problem 1CQQ

Option 'a' is the correct answer.

Explanation of Solution

Option (a):

Private goods have the characteristics of excludability and rivalry. Consumption of private goods reduces the availability for others and the producer can prevent the consumption if people do not pay for it.

Club goods are those goods that are non-rivalry and excludable n nature. The consumption of these goods does not reduce the availability for others. The producers of these goods can restrict the consumption if people do not pay for it. Thus, option ‘a’ is correct.

Option (b):

Common resources are resources that are available to all the people at free of charge. In other words, common resources are not owned by any private individual or by any public sector. Since common resource is available to all with free of price, it is not possible to exclude from the consumption. So, option 'b' is incorrect.

Option (c):

Public goods are the goods that have the characteristics of non-rivalry in nature and non-excludability. One person’s consumption should not reduce the availability for other person. It is not possible to restrict other people to avail the goods those who do not pay for it. So, option 'c' is incorrect.

Option (d):

Since it is not possible to restrict people who do not pay for public goods and common resources, option 'd' is incorrect.

Economics Concept Introduction

Concept Introduction:

Excludable goods: Excludable goods are the commodity or service where people can be prevented from enjoying its advantages if they do not pay for it.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

provide source where information was retrieved NAME OF SCHOOL: Florida Polytechnical college ADDRESS: PRIVATE OR PUBLIC: ENTRY REQUIREMENTS - GPA, SAT/ ACT SCORES: IN STATE TUITION COST: DORMITORY COST: OFF CAMPUS HOUSING OPTIONS: AVERAGE MONTHLY RENT FOR A ROOM in the area: MEAL PLAN: Do they have them? Are they mandatory for freshmen? How much $: CAMPUS SIZE: (don't put acres - is it a small, medium, or large campus?) TEACHER STUDENT RATIO/CLASS SIZE: NUMBER OF UNDERGRADUATE (freshmen, soph, junior, seniors) STUDENTS ON CAMPUS: FINANCIAL AID/SCHOLARSHIPS OPPORTUNITIES: ACCEPTANCE RATE: GRADUATION RATE: ONLINE OPTION? BUSINESS DEGREES: (list them) ACADEMIC SUPPORT - TUTORING: JOB PLACEMENT/CAREER SERVICES: what % of students get lined up with jobs right out of college with the school's help? INTERNSHIP OPPORTUNITIES: Paid? Unpaid? STUDY ABROAD PROGRAMS: Do they exist? How much $? SPORTS: Competitive - D1, D2, D3, etc? Intramural? (non-competitive sports opportunities) CLUBS: How many?…

Explain the following: How is 4 to 5 a 22% increase? How is 100 to 80 a 22% decrease? Not pictured: How is 100 to 90 a 11% decrease? How is 100 to 50 a 67% decrease?

Without Trade Production Consumption With Trade Production Everglades Denali Shorts (Millions of Almonds Shorts Almonds pairs) (Millions of pounds) (Millions of pairs) (Millions of pounds) 12 16 5 30 12 16 5 30 64 0 0 20 Trade action Imports 13 ▼ Exports 39▾ Imports 13 ▼ Exports 39 Consumption Gains from Trade Increase in Consumption

Answer 2

Question

Chapter 11, Problem 1CQQ

To determine

Relevance of excludable goods.

Expert Solution & Answer

Answer to Problem 1CQQ

Option 'a' is the correct answer.

Explanation of Solution

Option (a):

Private goods have the characteristics of excludability and rivalry. Consumption of private goods reduces the availability for others and the producer can prevent the consumption if people do not pay for it.

Club goods are those goods that are non-rivalry and excludable n nature. The consumption of these goods does not reduce the availability for others. The producers of these goods can restrict the consumption if people do not pay for it. Thus, option ‘a’ is correct.

Option (b):

Common resources are resources that are available to all the people at free of charge. In other words, common resources are not owned by any private individual or by any public sector. Since common resource is available to all with free of price, it is not possible to exclude from the consumption. So, option 'b' is incorrect.

Option (c):

Public goods are the goods that have the characteristics of non-rivalry in nature and non-excludability. One person’s consumption should not reduce the availability for other person. It is not possible to restrict other people to avail the goods those who do not pay for it. So, option 'c' is incorrect.

Option (d):

Since it is not possible to restrict people who do not pay for public goods and common resources, option 'd' is incorrect.

Economics Concept Introduction

Concept Introduction:

Excludable goods: Excludable goods are the commodity or service where people can be prevented from enjoying its advantages if they do not pay for it.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 11, Problem 1CQQ

To determine

Relevance of excludable goods.

Expert Solution & Answer

Answer to Problem 1CQQ

Option 'a' is the correct answer.

Explanation of Solution

Option (a):

Private goods have the characteristics of excludability and rivalry. Consumption of private goods reduces the availability for others and the producer can prevent the consumption if people do not pay for it.

Club goods are those goods that are non-rivalry and excludable n nature. The consumption of these goods does not reduce the availability for others. The producers of these goods can restrict the consumption if people do not pay for it. Thus, option ‘a’ is correct.

Option (b):

Common resources are resources that are available to all the people at free of charge. In other words, common resources are not owned by any private individual or by any public sector. Since common resource is available to all with free of price, it is not possible to exclude from the consumption. So, option 'b' is incorrect.

Option (c):

Public goods are the goods that have the characteristics of non-rivalry in nature and non-excludability. One person’s consumption should not reduce the availability for other person. It is not possible to restrict other people to avail the goods those who do not pay for it. So, option 'c' is incorrect.

Option (d):

Since it is not possible to restrict people who do not pay for public goods and common resources, option 'd' is incorrect.

Economics Concept Introduction

Concept Introduction:

Excludable goods: Excludable goods are the commodity or service where people can be prevented from enjoying its advantages if they do not pay for it.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 11, Problem 1CQQ

To determine

Relevance of excludable goods.

Expert Solution & Answer

Answer to Problem 1CQQ

Option 'a' is the correct answer.

Explanation of Solution

Option (a):

Private goods have the characteristics of excludability and rivalry. Consumption of private goods reduces the availability for others and the producer can prevent the consumption if people do not pay for it.

Club goods are those goods that are non-rivalry and excludable n nature. The consumption of these goods does not reduce the availability for others. The producers of these goods can restrict the consumption if people do not pay for it. Thus, option ‘a’ is correct.

Option (b):

Common resources are resources that are available to all the people at free of charge. In other words, common resources are not owned by any private individual or by any public sector. Since common resource is available to all with free of price, it is not possible to exclude from the consumption. So, option 'b' is incorrect.

Option (c):

Public goods are the goods that have the characteristics of non-rivalry in nature and non-excludability. One person’s consumption should not reduce the availability for other person. It is not possible to restrict other people to avail the goods those who do not pay for it. So, option 'c' is incorrect.

Option (d):

Since it is not possible to restrict people who do not pay for public goods and common resources, option 'd' is incorrect.

Economics Concept Introduction

Concept Introduction:

Excludable goods: Excludable goods are the commodity or service where people can be prevented from enjoying its advantages if they do not pay for it.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 11, Problem 1CQQ

To determine

Relevance of excludable goods.

Expert Solution & Answer

Answer to Problem 1CQQ

Option 'a' is the correct answer.

Explanation of Solution

Option (a):

Private goods have the characteristics of excludability and rivalry. Consumption of private goods reduces the availability for others and the producer can prevent the consumption if people do not pay for it.

Club goods are those goods that are non-rivalry and excludable n nature. The consumption of these goods does not reduce the availability for others. The producers of these goods can restrict the consumption if people do not pay for it. Thus, option ‘a’ is correct.

Option (b):

Common resources are resources that are available to all the people at free of charge. In other words, common resources are not owned by any private individual or by any public sector. Since common resource is available to all with free of price, it is not possible to exclude from the consumption. So, option 'b' is incorrect.

Option (c):

Public goods are the goods that have the characteristics of non-rivalry in nature and non-excludability. One person’s consumption should not reduce the availability for other person. It is not possible to restrict other people to avail the goods those who do not pay for it. So, option 'c' is incorrect.

Option (d):

Since it is not possible to restrict people who do not pay for public goods and common resources, option 'd' is incorrect.

Economics Concept Introduction

Concept Introduction:

Excludable goods: Excludable goods are the commodity or service where people can be prevented from enjoying its advantages if they do not pay for it.

Answer 6

Chapter 11, Problem 1CQQ

To determine

Relevance of excludable goods.

Expert Solution & Answer

Answer to Problem 1CQQ

Option 'a' is the correct answer.

Explanation of Solution

Option (a):

Private goods have the characteristics of excludability and rivalry. Consumption of private goods reduces the availability for others and the producer can prevent the consumption if people do not pay for it.

Club goods are those goods that are non-rivalry and excludable n nature. The consumption of these goods does not reduce the availability for others. The producers of these goods can restrict the consumption if people do not pay for it. Thus, option ‘a’ is correct.

Option (b):

Common resources are resources that are available to all the people at free of charge. In other words, common resources are not owned by any private individual or by any public sector. Since common resource is available to all with free of price, it is not possible to exclude from the consumption. So, option 'b' is incorrect.

Option (c):

Public goods are the goods that have the characteristics of non-rivalry in nature and non-excludability. One person’s consumption should not reduce the availability for other person. It is not possible to restrict other people to avail the goods those who do not pay for it. So, option 'c' is incorrect.

Option (d):

Since it is not possible to restrict people who do not pay for public goods and common resources, option 'd' is incorrect.

Economics Concept Introduction

Concept Introduction:

Excludable goods: Excludable goods are the commodity or service where people can be prevented from enjoying its advantages if they do not pay for it.

Answer 7

Chapter 11, Problem 1CQQ

To determine

Relevance of excludable goods.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option 'a' is the correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (a):

Private goods have the characteristics of excludability and rivalry. Consumption of private goods reduces the availability for others and the producer can prevent the consumption if people do not pay for it.

Club goods are those goods that are non-rivalry and excludable n nature. The consumption of these goods does not reduce the availability for others. The producers of these goods can restrict the consumption if people do not pay for it. Thus, option ‘a’ is correct.

Option (b):

Common resources are resources that are available to all the people at free of charge. In other words, common resources are not owned by any private individual or by any public sector. Since common resource is available to all with free of price, it is not possible to exclude from the consumption. So, option 'b' is incorrect.

Option (c):

Public goods are the goods that have the characteristics of non-rivalry in nature and non-excludability. One person’s consumption should not reduce the availability for other person. It is not possible to restrict other people to avail the goods those who do not pay for it. So, option 'c' is incorrect.

Option (d):

Since it is not possible to restrict people who do not pay for public goods and common resources, option 'd' is incorrect.

Answer 12

Economics Concept Introduction

Concept Introduction:

Excludable goods: Excludable goods are the commodity or service where people can be prevented from enjoying its advantages if they do not pay for it.

Answer 13

Ch. 11.1 - Prob. 1QQ Ch. 11.2 - Prob. 2QQ Ch. 11.3 - Prob. 3QQ Ch. 11 - Prob. 1CQQ Ch. 11 - Prob. 2CQQ Ch. 11 - Prob. 3CQQ Ch. 11 - Prob. 4CQQ Ch. 11 - Prob. 5CQQ Ch. 11 - Prob. 6CQQ Ch. 11 - Prob. 1QR

Relevance of excludable goods.

Relevance of excludable goods.

Answer to Problem 1CQQ

Explanation of Solution

Want to see more full solutions like this?

Chapter 11 Solutions