ECON 2010 FINAL

C private goods d public goods version 1 page 14 63

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Unformatted text preview: people cannot be excluded from receiving the benefits of: A) public goods and common resources. definitions B) common resources. C) private goods. D) public goods. Version 1 Page 14 63. There are three bundles: A, B, and C. I strictly prefer C to A, I strictly prefer B to A, and am indifferent between C and B. Is this ranking of bundles consistent with rationality in the economic sense of the term? C >A A) No B >A B) Not enough information to tell C) Yes C >B 64. The market will fail in the allocation of a common-property resource that is not scarce. A) True B) False 65. Santa Claus on Christmas Eve is A) A good example of a public commodity because his time is not rivalrous. B) Not a public commodity because his services on Christmas Eve are not congestible. C) Not a public commodity because his services on Christmas Eve are excludable D) A good example of a public commodity because his time is not congestible. sucks to be jewish or naughty 66. An individual's MRSxy is how much how much x he would give up to get another unit of y, and a...
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