240 241 242 243 244 245 Which of the following is an example of a nonexcludable good health care Incorrect national defense True Answer Correct education Incorrect ice cream Incorrect Which of the following goods best fits the characteristics of a private good a professor giving a lecture in a large classroom Incorrect an ice cream cone True Answer Correct fire protection Incorrect disease prevention Incorrect A n is excludable and rival in consumption private good True Answer Correct artificially scarce good Incorrect public good Incorrect common resource Incorrect When Joe watched a television movie his viewing was in consumption because other people able to view the movie at the same time Joe did nonrival were True Answer Correct rival were Incorrect rival were not Incorrect nonrival were not Incorrect A good is most likely to be artificially scarce if it is nonexcludable and nonrival Incorrect the seller is a monopolist Incorrect it is nonexcludable but rival Incorrect it is excludable but nonrival True Answer Correct Which of the following goods is most likely a common resource the Super Bowl Incorrect a public park True Answer Correct 246 a pair of pants Incorrect the fire department Incorrect Which of the following goods is most likely an artificially scarce good tickets to a boxing match Incorrect pay per view of a boxing match True Answer Correct health care Incorrect the police department Incorrect 247 Television programs are nonrival because the supplier cannot prevent consumption by people who do not pay for it Incorrect more than one person can consume the same unit of the good at the same time True Answer Correct individuals ignore the effect their use has on the amount of the resource remaining for others Incorrect the market suffers from inefficiently low consumption Incorrect 248 Clean water in a river is nonexcludable because the supplier cannot prevent consumption by people who do not pay for it True Answer Correct more than one person can consume the same unit of the good at the same time Incorrect individuals ignore the effect their use has on the amount of the resource remaining for others Incorrect the market suffers from inefficiently low consumption Incorrect Which of the following goods best fits the characteristics of a private good national defense Incorrect clean water Incorrect a pizza True Answer Correct police protection Incorrect 249 250 251 252 253 254 A private good is excludable and rival in consumption True Answer Correct nonexcludable and nonrival in consumption Incorrect excludable and nonrival in consumption Incorrect nonexcludable and rival in consumption Incorrect Which of the following goods is most likely a public good the Internet Incorrect a public park Incorrect a pair of pants Incorrect fire protection provided by the local fire department True Answer Correct A n is nonexcludable and nonrival in consumption private good Incorrect artificially scarce good Incorrect public good True Answer Correct common resource Incorrect A public good is a good or service for which exclusion is possible and which is rival in consumption Incorrect possible and which is nonrival in consumption Incorrect not possible and which is rival in consumption Incorrect not possible and which is nonrival in consumption True Answer Correct A private good is a good or service for which exclusion is possible and which is rival in consumption True Answer Correct possible and which is nonrival in consumption Incorrect not possible and which is rival in consumption Incorrect not possible and which is nonrival in consumption Incorrect 255 256 257 258 259 A common resource is a good or service for which exclusion is possible and which is rival in consumption Incorrect possible and which is nonrival in consumption Incorrect not possible and which is rival in consumption True Answer Correct not possible and which is nonrival in consumption Incorrect An artificially scarce good is a good or service for which exclusion is possible and is rival in consumption Incorrect possible and is nonrival in consumption True Answer Correct not possible and is rival in consumption Incorrect not possible and is nonrival in consumption Incorrect Whether or not they pay for them people cannot be excluded from receiving the benefits of private goods Incorrect public goods Incorrect common resources Incorrect either public goods or common resources True Answer Correct An example of a public good is a court of law True Answer Correct clothing Incorrect food Incorrect a state university Incorrect The best example of a private good is an automobile True Answer Correct public education Incorrect national defense Incorrect law enforcement Incorrect 260 261 262 263 264 265 The best example of a public good is legal services Incorrect national defense True Answer Correct a municipal library Incorrect cable television broadcasting Incorrect The best example of an artificially scarce good is legal services Incorrect national defense Incorrect a municipal library Incorrect cable television broadcasting True Answer Correct prevent consumption by people who do not pay for it The best example of a common resource is public education Incorrect a municipal library Incorrect clean water True Answer Correct cable television broadcasting Incorrect A whale is a common resource because the private market and the same unit be consumed by more than one person at the same time can can Incorrect cannot cannot True Answer Correct can cannot Incorrect cannot can Incorrect An electronic book is an artificially scarce good because the private market prevent consumption by people who do not pay for it Further the same e Book be consumed by more than one person at the same time can can True Answer Correct cannot cannot Incorrect can cannot Incorrect cannot can Incorrect If a good has a marginal cost of production of zero and an inefficiently low level of consumption the good must be a n private good Incorrect public good Incorrect common resource Incorrect artificially scarce good True Answer Correct If the market produces an efficient level of a good then we know that the good must be and in consumption nonexcludable nonrival Incorrect nonexcludable rival Incorrect excludable nonrival Incorrect excludable rival True Answer Correct Although most citizens have access to police protection they also take measures such as putting locks on their doors to protect themselves We can explain this because police protection is a n
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