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
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Refer to Table 19-32. The table above represents hypothetical data from the National Income Accounts for 2015. Use the data to calculate personal income and disposable income
What will be an ideal response?
Does economic growth have any negative side effects?
A) No. Every person in a nation experiencing economic growth will benefit. B) No, because where negative side effects do occur, a nation's government is required to neutralize them. C) Quite possibly. Some say economic growth puts people on a never-ending quest to satisfy newly created wants, so we always feel disappointed with our lives. D) yes, but only for the poorest segment of a nation's population