State whether each of the following goods and services is nonrival, nonexcludable or both:
a. A toll road
b. A public park
c. A lighthouse
d. An art museum
e. A radio broadcast of "A Prairie Home Companion"
a. Nonrival, although rivalry could exist during traffic congestion.
b. Both, although rivalry could exist under some circumstances, such as when there is a sporting event or a private party.
c. Both
d. Nonrival and excludable if admission requires the purchase of a ticket.
e. Both
You might also like to view...
A consumer expenditure survey reports the following information on entertainment spending: 20082009 PriceQuantityPriceQuantityMovies$75$87Concerts$302$352CDs$167$1510 Using 2008 as the base year, by how much does a "cost of entertainment" index increase between 2008 and 2009?
A. 13.4 percent B. 8.6 percent C. 3.9 percent D. 29.4 percent
If the Fed raises the federal funds rate, which of the following occurs?
A) Consumption expenditure decreases. B) Investment increases. C) The price of the dollar on the foreign exchange market increases. D) Net exports increase. E) Aggregate demand increases.
Refer to Figure 11-4. Many countries in Africa strongly discouraged and prohibited foreign direct investment in the 1950s and 1960s. By doing so, these countries were essentially preventing a moment from
A) A to E. B) B to A. C) D to B. D) E to B.
The future date on which the currencies are actually exchanged is called what?
A) the value date B) the spot exchange date C) the two-day window D) the commitment date E) the forward exchange rate