Foundations of Economics (8th Edition)
Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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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 to his grandchildren, he donates the land to the state with the understanding that the land will be used as a state park. This state park is large enough that it is not congested. It is 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. Next page 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.
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