Questions (see bottom of page for answers)
1. Private goods are:
a) Excludable
b) Rival
c) All of the above
d) None of the above
2. Public goods are:
a) Excludable
b) Rival
c) All of the above
d) None of the above
3. Common resources are:
a) Excludable but NOT Rival
b) Rival but NOT Excludable
c) NIETHER Excludable or Rival
d) BOTH Excludable and Rival
4. The Free Rider Problem is a problem associated with:
a) Private goods
b) Public goods
c) Common resources
5. The 'Tragedy of the Commons' is a problem associated with:
a) Private goods
b) Public goods
c) Common resources
Answers: 1.c 2.d 3.b 4.b 5.c