#1
Which of the following is an example of a durable good?
Car
ExplanationDurable goods are items that have a long lifespan, like cars.
#2
What type of good is clothing?
Normal good
ExplanationClothing falls under normal goods, which experience increased demand with income growth.
#3
Which of the following is an example of a private good?
Cell phone
ExplanationPrivate goods are rivalrous and excludable, like cell phones.
#4
Which characteristic distinguishes a public good from a private good?
Non-excludability
ExplanationPublic goods cannot exclude individuals from consumption.
#5
What is an example of a pure public good?
Highway
ExplanationPure public goods are non-excludable and non-rivalrous, like highways.
#6
Which characteristic of goods refers to the fact that one person's consumption of a good reduces its availability for others?
Rivalry
ExplanationRivalry means consumption by one reduces availability for others.
#7
What is a characteristic of a common resource?
Rivalry
ExplanationCommon resources are rivalrous in consumption.
#8
Which characteristic best describes a club good?
Excludability
ExplanationClub goods can exclude non-paying individuals from consumption.
#9
Which of the following is an example of an informational good?
Book
ExplanationInformational goods provide knowledge, like books.
#10
What is a characteristic of an experience good?
Rivalry
ExplanationExperience goods have rivalry in consumption.
#11
Which characteristic distinguishes a private good from a club good?
Non-rivalry
ExplanationPrivate goods are rivalrous, unlike club goods.