24. When a good or service is Non-Rival and Non-Excludable,it is is classified as aa) Private Goodb) Externalitye) Club Goodd) Public Good25. An economist reasons as follows: "Time spent at hometaking care of a child is time not spent earning income, so theopportunity cost of having a child includes the potential wageearnings women give up by parenting." Assuming we agreedwith this, and that women enjoy children (and/or invest inthem to be taken care of in retirement), we would concludethat, all else equal:b)a) in societies were wages for women's work is low,women are likely to choose to have more babies.in societies were wages for women's work is low,women are likely to choose to have fewer babies.women have too many children in poor countrieseconomists cannot make any predictions about thedeterminants of population growth.c)d)26. Digital music files can be easily and almost withorduplicated and transmitted to thousands of users whodownload them via free file-sharing programs overinternet. A music recording is a type of economichas characteristics that make it4a) a negative externality.b) rival and excludable.c) non-rival and not always excludable.d) price discriminating.27. An unregulated monopolist maximizes proa) marginal revenue = marginal cost.b) price=marginal revenue.c) price=average cost.d) price=marginal cost.

Non-rival: A good or service is non-rival in nature if consumption of this good by a person does not…

Answered: 24. When a good or service is Non-Rival…

24. When a good or service is Non-Rival and Non-Excludable, it is is classified as a a) Private Good b) Externality e) Club Good d) Public Good

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter11: Public Goods And Common Resources

Section: Chapter Questions

Problem 2PA

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Question

24. When a good or service is Non-Rival and Non-Excludable,
it is is classified as a
a) Private Good
b) Externality
e) Club Good
d) Public Good
25. An economist reasons as follows: "Time spent at home
taking care of a child is time not spent earning income, so the
opportunity cost of having a child includes the potential wage
earnings women give up by parenting." Assuming we agreed
with this, and that women enjoy children (and/or invest in
them to be taken care of in retirement), we would conclude
that, all else equal:
b)
a) in societies were wages for women's work is low,
women are likely to choose to have more babies.
in societies were wages for women's work is low,
women are likely to choose to have fewer babies.
women have too many children in poor countries
economists cannot make any predictions about the
determinants of population growth.
c)
d)
26. Digital music files can be easily and almost withor
duplicated and transmitted to thousands of users who
download them via free file-sharing programs over
internet. A music recording is a type of economic
has characteristics that make it
4
a) a negative externality.
b) rival and excludable.
c) non-rival and not always excludable.
d) price discriminating.
27. An unregulated monopolist maximizes pro
a) marginal revenue = marginal cost.
b) price=marginal revenue.
c) price
=
average cost.
d) price=marginal cost.

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