ECON 102 Final Exam Questions With
Correct Answers
What is a private good? - CORRECT ANSWER✔✔-A good that is excludable and a
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rival
What does it mean for something to be excludable? - CORRECT ANSWER✔✔-It
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means the good must be purchased before use
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What does it mean for something to be a rival? - CORRECT ANSWER✔✔-It means
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the good cannot be enjoyed by more than one person at the same time
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What type of good is pizza? - CORRECT ANSWER✔✔-Private good
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What is a public good? - CORRECT ANSWER✔✔-A good that is non-excludable
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and non-rival
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What does it mean for a good to be non-excludable? - CORRECT ANSWER✔✔-It
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means the good does not need to be purchased before use (it is free)
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What does it mean for a good to be non-rival? - CORRECT ANSWER✔✔-It means
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that more than one person can use the good at the same time
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, What type of good is most likely to cause free-rider problems? - CORRECT
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ANSWER✔✔-Public goods |
What is a free-rider problem? - CORRECT ANSWER✔✔-When someone has the
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ability to receive the benefit of a good without paying for it
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What type of good is the sunset? - CORRECT ANSWER✔✔-Public good
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What is a club good? - CORRECT ANSWER✔✔-A good that is excludable and non-
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rival
What type of good is a landlord's wifi? - CORRECT ANSWER✔✔-Club good
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What type of good is ice cream? - CORRECT ANSWER✔✔-Private good
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What type of good is basic cable? - CORRECT ANSWER✔✔-Public good
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What type of good is being close enough to a concert to hear the music? -
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CORRECT ANSWER✔✔-Club good
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What is a common resource good? - CORRECT ANSWER✔✔-A good that is non-
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excludable and rival | |
What type of good leads to the tragedy of the commons? - CORRECT
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ANSWER✔✔-Common resource good | |
Correct Answers
What is a private good? - CORRECT ANSWER✔✔-A good that is excludable and a
| | | | | | | | | | | | | |
rival
What does it mean for something to be excludable? - CORRECT ANSWER✔✔-It
| | | | | | | | | | | |
means the good must be purchased before use
| | | | | | |
What does it mean for something to be a rival? - CORRECT ANSWER✔✔-It means
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the good cannot be enjoyed by more than one person at the same time
| | | | | | | | | | | | |
What type of good is pizza? - CORRECT ANSWER✔✔-Private good
| | | | | | | | |
What is a public good? - CORRECT ANSWER✔✔-A good that is non-excludable
| | | | | | | | | | | |
and non-rival
|
What does it mean for a good to be non-excludable? - CORRECT ANSWER✔✔-It
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means the good does not need to be purchased before use (it is free)
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What does it mean for a good to be non-rival? - CORRECT ANSWER✔✔-It means
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that more than one person can use the good at the same time
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, What type of good is most likely to cause free-rider problems? - CORRECT
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ANSWER✔✔-Public goods |
What is a free-rider problem? - CORRECT ANSWER✔✔-When someone has the
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ability to receive the benefit of a good without paying for it
| | | | | | | | | | |
What type of good is the sunset? - CORRECT ANSWER✔✔-Public good
| | | | | | | | | |
What is a club good? - CORRECT ANSWER✔✔-A good that is excludable and non-
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rival
What type of good is a landlord's wifi? - CORRECT ANSWER✔✔-Club good
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What type of good is ice cream? - CORRECT ANSWER✔✔-Private good
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What type of good is basic cable? - CORRECT ANSWER✔✔-Public good
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What type of good is being close enough to a concert to hear the music? -
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CORRECT ANSWER✔✔-Club good
| |
What is a common resource good? - CORRECT ANSWER✔✔-A good that is non-
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excludable and rival | |
What type of good leads to the tragedy of the commons? - CORRECT
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ANSWER✔✔-Common resource good | |
