Excludable and Non-Excludable goods: If people are prevented from the use of the good they have not paid for, then such goods are treated as excludable goods, whereas if people cannot be prevented from the use of the good they have not paid for, then such goods are treated as non-excludable goods. Rival and Non-rival goods: If a good or service consumed by a person alone at a time and its consumption is prevented from the other persons at that point of time then this kind of good is known as a rival good. If a good or service consumed by a person alone and its consumption is not prevented from the other persons at that point of time, then this kind of good is known as a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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Answer 1

Question

Chapter 17, Problem 5P

To determine

Concept Introduction:

Excludable and Non-Excludable goods: If people are prevented from the use of the good they have not paid for, then such goods are treated as excludable goods, whereas if people cannot be prevented from the use of the good they have not paid for, then such goods are treated as non-excludable goods.

Rival and Non-rival goods: If a good or service consumed by a person alone at a time and its consumption is prevented from the other persons at that point of time then this kind of good is known as a rival good.

If a good or service consumed by a person alone and its consumption is not prevented from the other persons at that point of time, then this kind of good is known as a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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Discuss the different types of resources (natural, human, capital) and how they are allocated in an economy. Identify which resources are scarce and which are abundant, and explain the implications of this scarcity or abundance.

Answer 2

Question

Chapter 17, Problem 5P

To determine

Concept Introduction:

Excludable and Non-Excludable goods: If people are prevented from the use of the good they have not paid for, then such goods are treated as excludable goods, whereas if people cannot be prevented from the use of the good they have not paid for, then such goods are treated as non-excludable goods.

Rival and Non-rival goods: If a good or service consumed by a person alone at a time and its consumption is prevented from the other persons at that point of time then this kind of good is known as a rival good.

If a good or service consumed by a person alone and its consumption is not prevented from the other persons at that point of time, then this kind of good is known as a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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Answer 3

Question

Chapter 17, Problem 5P

To determine

Concept Introduction:

Excludable and Non-Excludable goods: If people are prevented from the use of the good they have not paid for, then such goods are treated as excludable goods, whereas if people cannot be prevented from the use of the good they have not paid for, then such goods are treated as non-excludable goods.

Rival and Non-rival goods: If a good or service consumed by a person alone at a time and its consumption is prevented from the other persons at that point of time then this kind of good is known as a rival good.

If a good or service consumed by a person alone and its consumption is not prevented from the other persons at that point of time, then this kind of good is known as a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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Answer 4

Question

Chapter 17, Problem 5P

To determine

Concept Introduction:

Excludable and Non-Excludable goods: If people are prevented from the use of the good they have not paid for, then such goods are treated as excludable goods, whereas if people cannot be prevented from the use of the good they have not paid for, then such goods are treated as non-excludable goods.

Rival and Non-rival goods: If a good or service consumed by a person alone at a time and its consumption is prevented from the other persons at that point of time then this kind of good is known as a rival good.

If a good or service consumed by a person alone and its consumption is not prevented from the other persons at that point of time, then this kind of good is known as a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

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Answer 5

Chapter 17, Problem 5P

To determine

Concept Introduction:

Excludable and Non-Excludable goods: If people are prevented from the use of the good they have not paid for, then such goods are treated as excludable goods, whereas if people cannot be prevented from the use of the good they have not paid for, then such goods are treated as non-excludable goods.

Rival and Non-rival goods: If a good or service consumed by a person alone at a time and its consumption is prevented from the other persons at that point of time then this kind of good is known as a rival good.

If a good or service consumed by a person alone and its consumption is not prevented from the other persons at that point of time, then this kind of good is known as a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

Answer 6

Chapter 17, Problem 5P

To determine

Concept Introduction:

Excludable and Non-Excludable goods: If people are prevented from the use of the good they have not paid for, then such goods are treated as excludable goods, whereas if people cannot be prevented from the use of the good they have not paid for, then such goods are treated as non-excludable goods.

Rival and Non-rival goods: If a good or service consumed by a person alone at a time and its consumption is prevented from the other persons at that point of time then this kind of good is known as a rival good.

If a good or service consumed by a person alone and its consumption is not prevented from the other persons at that point of time, then this kind of good is known as a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

Answer 7

Chapter 17, Problem 5P

To determine

Concept Introduction:

Excludable and Non-Excludable goods: If people are prevented from the use of the good they have not paid for, then such goods are treated as excludable goods, whereas if people cannot be prevented from the use of the good they have not paid for, then such goods are treated as non-excludable goods.

Rival and Non-rival goods: If a good or service consumed by a person alone at a time and its consumption is prevented from the other persons at that point of time then this kind of good is known as a rival good.

If a good or service consumed by a person alone and its consumption is not prevented from the other persons at that point of time, then this kind of good is known as a non-rival good. Generally, private goods are treated as rival goods and public goods are treated as non-rival goods.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 17 - Prob. 1BCQ Ch. 17 - Prob. 2BCQ Ch. 17 - Prob. 3BCQ Ch. 17 - Prob. 1P Ch. 17 - Prob. 2P Ch. 17 - Prob. 3P Ch. 17 - Prob. 4P Ch. 17 - Prob. 5P Ch. 17 - Prob. 6P Ch. 17 - Prob. 7P

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Chapter 17 Solutions