#1
Which of the following is an example of a durable good?
Milk
Car
Vegetables
Newspaper
#2
What type of good is clothing?
Normal good
Inferior good
Giffen good
Luxury good
#3
Which of the following is an example of a private good?
Fresh air
Fireworks display at a public park
National defense
Cell phone
#4
Which characteristic distinguishes a public good from a private good?
Excludability
Rivalry
Non-excludability
Non-rivalry
#5
What is an example of a pure public good?
Highway
Bread
Cell phone
Restaurant meal
#6
Which characteristic of goods refers to the fact that one person's consumption of a good reduces its availability for others?
Excludability
Rivalry
Non-excludability
Non-rivalry
#7
What is a characteristic of a common resource?
Non-rivalry
Non-excludability
Rivalry
Excludability
#8
What is the characteristic of a rival good?
Can be consumed by multiple people simultaneously
Consumption by one person reduces its availability to others
Cannot be excluded from consumption by anyone
Has a high degree of excludability
#9
Which characteristic is typically associated with a common-pool resource?
High level of rivalry
High level of excludability
Low level of rivalry
Low level of excludability
#10
What is the characteristic of a public good?
High level of rivalry
Low level of excludability
High level of excludability
Low level of rivalry
#11
What is a characteristic of a non-excludable good?
It can be consumed by one person at a time
It is difficult to prevent people from consuming it
Consumption by one person reduces its availability to others
It is easy to exclude people from consuming it
#12
Which of the following is an example of a rivalrous good?
Public park
Streetlight
Fish in the ocean
Sunlight
#13
Which characteristic best describes a club good?
Non-excludability
Excludability
Rivalry
Non-rivalry
#14
Which of the following is an example of an informational good?
#15
What is a characteristic of an experience good?
Excludability
Rivalry
Non-excludability
Non-rivalry
#16
Which characteristic distinguishes a private good from a club good?
Excludability
Rivalry
Non-excludability
Non-rivalry
#17
Which of the following is an example of a quasi-public good?
National defense
Cable television
Private jet
Designer clothing
#18
What is the defining characteristic of a toll good?
Excludability
Rivalry
Non-excludability
Non-rivalry
#19
Which type of good is characterized by the free-rider problem?
Public good
Private good
Common resource
Club good
#20
What is a characteristic of a non-rivalrous good?
Consumption by one person reduces its availability to others
It is easy to prevent people from consuming it
It can be consumed by multiple people simultaneously
It is difficult to exclude people from consuming it
#21
Which of the following is an example of an artificially scarce good?
Water from a natural spring
Diamonds
Air
Sunlight