Hoa owns 40 acres of land. Hoa sells the land to a real estate developer who builds a subdivision with 20 houses. The land is an example of a good that is
A. both rival in consumption and excludable.
B. neither rival in consumption nor excludable.
C. excludable, but not rival in consumption.
D. rival in consumption, but not excludable.
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Which of the following would not be considered a private good?
A pencil
B. A sweater
C. A jeep
D. Cable TV service
People cannot be prevented from using a good if the good is a
A. private good or a public good.
B. private good or a common resource.
C. public good or a common resource.
D. public good or a club good.
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.
Knowledge that is patented is a
A. public good, whereas knowledge that is not patented is a common resource.
B. private good, whereas knowledge that is not patented is a club good.
C. common resource, whereas knowledge that is not patented is a private good.
D. club good, whereas knowledge that is not patented is a public good.
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