#1
Which of the following is a characteristic of public goods?
Non-excludability
ExplanationThe title of the book in which Andrew Carnegie detailed his experiences and insights in the business world is 'The Autobiography of Andrew Carnegie'.
#2
Which of the following best describes a public good?
A good that is both non-excludable and non-rivalrous
ExplanationAccessible to all without depletion.
#3
Which of the following is an example of a non-excludable good?
Public parks
ExplanationCannot prevent access.
#4
Which economic concept refers to the inability to exclude individuals from the benefits of a good or service?
Non-excludability
ExplanationInability to exclude anyone from benefits.
#5
What is a common challenge associated with providing public goods?
Free rider problem
ExplanationPeople benefit without contributing.
#6
Which of the following is NOT a characteristic of public goods?
High price elasticity
ExplanationPrice doesn't affect demand significantly.
#7
What is the main reason why public goods tend to be underprovided by the market?
Free rider problem
ExplanationPeople benefit without paying.
#8
Which concept suggests that individuals may benefit from public goods without contributing to their production?
Free rider problem
ExplanationBenefit without contributing.
#9
Which of the following is an example of a public good?
National defense
ExplanationBeneficial to all without exclusion.
#10
Which of the following is a potential solution to the free rider problem?
All of the above
ExplanationVarious solutions available.
#11
Which term describes the situation where individuals consume more of a common resource than is socially desirable?
Tragedy of the commons
ExplanationOveruse of shared resources.