Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 11, Problem 1MCQ
To determine
To choose:
The correct option stating the excludable and private good.
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Reggie owns 3 acres of beautiful wooded land. When Reggie decides to move to be closer
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an example of a good that is
Select one:
a.
both rival in consumption and excludable.
Ob. nonrival in consumption and excludable.
C.
neither rival in consumption nor excludable.
d. rival in consumption and nonexcludable.
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22 KIU
When a company is granted a patent by the U.S. government,
Select one:
a. a piece of general knowledge becomes excludable.
b. a piece of specific, technical knowledge becomes rival in consumption.
C. a piece of general knowledge becomes rival in consumption.
d. a piece of specific, technical knowledge becomes excludable.
pointe
If you can prevent someone from consuming a good, that good is called
A. nonexcludable.
B. rival.
C. a public good.
D. excludable.
E. nonrival.
Chapter 11 Solutions
Foundations of Economics (8th Edition)
Ch. 11 - Prob. 1SPPACh. 11 - Prob. 2SPPACh. 11 - Prob. 3SPPACh. 11 - Prob. 4SPPACh. 11 - Prob. 5SPPACh. 11 - Prob. 6SPPACh. 11 - Prob. 7SPPACh. 11 - Prob. 8SPPACh. 11 - Prob. 9SPPACh. 11 - Prob. 10SPPA
Ch. 11 - Prob. 1IAPACh. 11 - Prob. 2IAPACh. 11 - Prob. 3IAPACh. 11 - Prob. 4IAPACh. 11 - Prob. 5IAPACh. 11 - Prob. 6IAPACh. 11 - Prob. 7IAPACh. 11 - Prob. 8IAPACh. 11 - Prob. 9IAPACh. 11 - Prob. 1MCQCh. 11 - Prob. 2MCQCh. 11 - Prob. 3MCQCh. 11 - Prob. 4MCQCh. 11 - A renewable common resource is used sustainably if...Ch. 11 - Prob. 6MCQCh. 11 - Prob. 7MCQCh. 11 - When ITQs are assigned, the market price of an ITQ...
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- There would be a potential market failure if a good was a. nonexcludable, but not if it was both excludable and nonrival b. nonrival, but not if it was both rival and nonexcludable c. both nonrival and nonexcludable, but not if it was either rival or excludable d. either nonexcludable or nonrival Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardWhich categories of goods are excludable?a. private goods and club goodsb. private goods and common resourcesc. public goods and club goodsd. public goods and common resourcesarrow_forwardFireworks at an open (free-entry) space are they are a and so not excludable; not rival; a public good. excludable; not rival; club good. rival; not excludable; common resource excludable; rival; private good.arrow_forward
- The market works efficiently in the absence of externalities if the good is a rival and excludable. b nonrival and nonexcludable. c nonrival and excludable. d rival and nonexcludable. e rival and either excludable or nonexcludable.arrow_forwardexplains it correctlyarrow_forwardThe government is involved in providing many goods and services. For each of the goods or services listed, determine whether it is rival or nonrival in consumption and whether it is excludable or nonexcludable. What type of good is it? A congested interstate highway without tolls nonrival, nonexcludable, public good rival, excludable, private good nonrival, excludable, artificially scarce good rival, nonexcludable, common resourcearrow_forward
- Choose a program or service that is provided by government. Try to choose a unique example that has personal interest for you. 1. Tell us what program or service you chose. 2. Does your example fit the definition of a rival good? Explain why or why not. 3. Does your example fit the definition of an excludable good? Explain why or why not.arrow_forwardQ12 Why is it sometimes efficient to charge a positive price for the use of some products such as museums, beaches, and roads? a. Since these products are excludable and non-rivalrous, it is always efficient to charge a positive price. b. Since these products are excludable, marginal cost is always positive and a positive price is appropriate. c. Each person consuming the product has a positive marginal benefit and should therefore pay a positive price. d. Since these products are non-excludable, it is sometimes efficient to charge a positive price. e. Once these products become congested they become rivalrous, marginal cost is positive, and a positive price is then efficient. Clear my choicearrow_forwardMacmillan Learning (Figure: Public Goods and Common Resources) Use Figure: Public Goods and Common Resources. The figure lists the type of goods that are available for consumption. Panel D depicts a good that is both nonrival in consumption and nonexcludable. Such a good would be considered a: Rival in consumption Excludable Non- excludable O private good. club good. O public good. common resource. Nonrival in consumption Barrow_forward
- Which of these are Rival in Consumption but not Excludable? Private Goods Club Goods Public Goods Common Resourcesarrow_forwardWhen economists say that one of the characteristics of a Public Good is that it is “non-excludable”, they mean: Select one: a. that the government makes the good widely available to virtually anyone in the economy. b. the good’s price is so low that virtually anyone can afford it. c. that once the good is supplied, it is difficult to prevent those who do not pay for it from consuming the good. d. that once a unit of the good is provided, it can be jointly consumed by more than one consumer at the same time.arrow_forwardIf you can prevent someone from consuming a good, that good is called Question 4 options: nonexcludable. a public good. excludable. nonrival. rival.arrow_forward
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