Question

1.) An FM radio signal is an example of a good that is A private. B...

1.) An FM radio signal is an example of a good that is

A private.

B nonrival in consumption.

C social.

D nonexcludable in production.

2.) A local park filled with picnickers is

A excludable and rival in consumption.

B excludable and not rival in consumption.

C not excludable and rival in consumption.

D not excludable and not rival in consumption.

3.) Under which of the following scenarios would a park be considered a public good?

A Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables.

B Vistors to the park must pay an admittance fee and frequently all of the picnic tables are in use.

C Visitors can enter the park free of charge and there are always plenty of empty picnic tables.

D Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.

4.) A free rider is a person who

A will only purchase a product on sale.

B receives the benefit of a good but avoids paying for it.

C can produce a good at no cost.

D rides public transit regularly.

5.) A free-rider problem exists for any good that is notnot

A rival in consumption.

B a private good.

C free.

D excludable.

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Homework Answers

Answer #1

1. Ans: B ) nonrival in consumption.

2. Ans:C ) not excludable and rival in consumption.

3. Ans: C )  Visitors can enter the park free of charge and there are always plenty of empty picnic tables.

4. Ans: B ) receives the benefit of a good but avoids paying for it.

5. Ans: D ) excludable.

Explanation:

Public goods are non rival in consumption and not excludable. It means one can use public goods without paying for it.A free rider is a person who receives the benefit of a good but avoids paying for it.

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