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Economics
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28 Oct 2020

3. Common resources 

a. are owned by specific people.

b. refers to goods “owned” by society at large and freely usable by anyone.

c. are inexhaustible.

d. refers strictly to the land resource.

Booster class
Microeconomics
Skill
Defining Positive externality
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Raushan Raj
Raushan RajLv8
28 Oct 2020

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Related questions

Common resources differ from public goods in that
 
A) unlike public goods, common resources are rival in consumption.
B) common resources are resources that cannot be renewed, but the production of public goods can be increased at any time.
C) common resources are collectively owned by a group of people while public goods are government-owned.
D) common resources are non-excludable while public goods are excludable to those who do not pay for the good.
 
 
 
The problem of determining what goods and services society should produce exist because: 
a. resources are scarce
b. resources are plentiful
c. most of our resources are privately rather than socially owned.
d. most of our resources are socially owned rather than privately owned.
e. other countries can provide us with most of the things that we now produce ourselves.
 
In economics, the term scarcity in economics refers to the fact that ________________.
a. everything really worthwhile costs money.
b. even in wealthy countries like the United States, some people are poor.
c. no society can produce enough to satisfy fully the desires of people for goods and services.
d. sometimes the shortages of a good arise when its price is set below the market equilibrium.

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