EBK ESSENTIALS OF ECONOMICS
7th Edition
ISBN: 8220102452107
Author: Mankiw
Publisher: CENGAGE L
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Chapter 11, Problem 2QCMC
To determine
Rival in consumption and common resources.
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3. Indicate whether the following are private goods,
club goods, common-resource goods, or public
goods:
a. A bacon double cheeseburger
b. An NHL hockey game between the Detroit Red
Wings and Boston Bruins
c. A Fourth of July fireworks show
d. A swimming pool
e. a vaccination for the flu
f. streetlights
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+
00
8
1. What kind of good is it?
Determine whether each of the following goods is a private good, a public good, a common resource, or a club good.
Private Good
Public Good
Club Good
Common Resource
A new drone that you take turns flying with your friends
A large, beautiful fountain in a town square
A dock on a lake that is open to the public
For the following can you explain what would be considered a private good and club good?
Thank you so much for your time and response.
Knowledge Booster
Similar questions
- 2. What kind of good is it? Determine whether each of the following goods is a private good, a public good, a common resource, or a club good. Private Good Public Good Club Good Common Resource A large, beautiful fountain in a park A new BMW that you use to drive your friends around town A free-weight station in a fitness room that is open to the publicarrow_forwardDetermine whether the good is a private good, public good, artificially scarce good, or common resources, then explain why in terms of "excludability" and "rivalness" principles. a. Uncongested roads with toll booths upon entry b. Business-class seat on airplane c. Music played in a public parkarrow_forwardWhich goods are sold in the markets? private goods public goods private goods and club goods private good, club goods, and common- resource goods all types of goodsarrow_forward
- 1. What is the impact of the global-positioning anti-theft device on the following below: a. Private benefit curve b. Social benefit curve c. Private cost curvearrow_forward3. For each of the following goods or services, would you classify it as a public good, a local public or club good or congestible good, or a private good (with or without externalities)? Explain your choice. Could some of them fall in one or another category depending on the assignment of property rights? • the Supreme Court • a local magistrate’s court • the interstate highway system • college education • a beach • the stars at night viewed from outdoors • the stars viewed at a planetariumarrow_forward. What kind of good is it? Classify each of the following goods listed in the table below as a public good, a private good, a club good, or a common resource. Public Good Private Good Club Good Common Resource A new drone that you take turns flying with your friends A large, beautiful greenspace in a town plaza A parking spot along a residential street that is open to the publicarrow_forward
- Define public and private goodsarrow_forward1. Give 1 example of each type of private goods, common goods, club goods, and public goods? 2. give an argument why the item is private goods or common goods or club goods or public goods?arrow_forwardWhich of the following goods would be considered a pure public good? Select one: O O O CO a. National defense b. Cable TV c. Toll road d. Sports stadiumarrow_forward
- Problem 1 The following table shows how the total social benefit and total cost of concerts in the city vary with the number of performances. NUMBER OF TOTAL SOCIAL TOTAL SOCIAL CONCERTS BENEFIT COST 1 $10,000 $5,000 $15,000 $11,000 $18,000 $18,000 4 $20,000 $26,000 $21,000 $36,000 What is the efficient number of concerts?arrow_forwardCategorize each of the following five goods as a Private Good, Common Good, Club Good, or Public Good. Descriptions of each good will serve as hints. Remember, our textbook outlines only two types of goods, see the notes and lecture video for the other two types. a) An NPR (radio) signal - which is available to everyone with a radio, whether or not they contribute, the signal does not diminish no matter how many people tune in. [Select] b) A new Ford truck this can only be purchased by one person, you can not drive it off the lot without paying for it. [Select] c) A subscription to Disney+ - you can not have a subscription without paying for it, purchasing a subscription does not lower the total number of subscriptions available. [ Select] d) A fireworks show on the 4th of July - the fireworks are visible to everyone in the town, whether or not they contributed anything to the display, one person viewing the fireworks does not make them less visible for anyone else. [Select] e) A…arrow_forwardWhat are the definitions of local public goods, club goods and congestible goods?arrow_forward
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