ECON 1001 Erhardt Final with
complete verified solutions
Excludability - answer the property of a good whereby a person can be
prevented from using it
Rivalry in Consumption - answer The property of a good whereby one
person's use diminishes other people's use.
Private Goods - answer goods that are both excludable and rival in
consumption
Public Goods - answer Goods that are neither excludable nor rival in
consumption
Common Resource - answer goods that are rival in consumption but not
excludable
Free Rider - answer a person who receives the benefit of a good but avoids
paying for it
Positive Externality - answer Positive impact to other firms
Corrective Tax - answer a tax designed to induce private decision makers to
take account of the social costs that arise from a negative externality
Cost-benefit analysis - answer a study that compares the costs and benefits
to society of providing a public good (highways)
complete verified solutions
Excludability - answer the property of a good whereby a person can be
prevented from using it
Rivalry in Consumption - answer The property of a good whereby one
person's use diminishes other people's use.
Private Goods - answer goods that are both excludable and rival in
consumption
Public Goods - answer Goods that are neither excludable nor rival in
consumption
Common Resource - answer goods that are rival in consumption but not
excludable
Free Rider - answer a person who receives the benefit of a good but avoids
paying for it
Positive Externality - answer Positive impact to other firms
Corrective Tax - answer a tax designed to induce private decision makers to
take account of the social costs that arise from a negative externality
Cost-benefit analysis - answer a study that compares the costs and benefits
to society of providing a public good (highways)
