Question

The following sector is True or False: a). Goods that we purchase are considered private goods, which means we can do whatever we want with them within the limits of the law. b). According the readings nonrivalry exist when one person's consumption of a good directly reduces or diminishes another person's opportunity for consumption True or false Former President Theodore Roosevelts comment that you had to be able to do what you can, with what you have, where you are would be a good way to describe Microeconomics True or Fals

Answer 1

a). Goods that we purchase are considered private goods, which means we can do whatever we want with them within the limits of the law.

Answer-True

b). According the readings nonrivalry exist when one person's consumption of a good directly reduces or diminishes another person's opportunity for consumption.

Answer- False,as because non rivalry means consuming a good doesn't reduces the amount available for others. Example-Getting sunlight From sun sun wouldn't reduce the sun light available to others.

C) Former President Theodore Roosevelts comment that you had to be able to do what you can, with what you have, where you are would be a good way to describe Microeconomics

Answer-True,as because we have limited resources and utilisation of those resources to the maximum is necessary in economics.