Module 6.3 and 6.5

Please label this chart.

a

b

c

d

Private Goods

Artificially Scarce

Common Resources

Public Goods

The iPhone is considered...

• Public Good

• Private Good

• Artificially Scarce Good

• Common Resource

National defense of the United States is considered

• Public Good

• Private Good

• Artificially Scarce Good

• Common Resource

Movies on Netflix are considered

• Public Good

• Private Good

• Artificially Scarce Good

• Common Resource

Lobsters in the ocean are considered

• Public Good

• Private Good

• Artificially Scarce Good

• Common Resource

When more than one person can consume the same unit of a good at the same time, it is considered

(a)  

• Nonrival in consumption
• Rival in consumption
• Excludable
• Nonexcludable

A person who does not receive the measles vaccine but is still protected because other people received it is considered a ...

The minimal amount of income needed to purchase the necessities of life is called...

• The Gini threshold

• The poverty threshold

• The Lorenz barrier

• The Roosevelt line

James, who has a bachelor's degree, earns $10,000 more than his friend with a HS diploma. This is because...​ (a)  

• Human Capital
• Natural Skill
• Social Capital
• Unions
• Discrimination

Brenda, who is 60, is turned down for a job at a new company. This is because...​ (a)  

• Human Capital
• Natural Skill
• Social Capital
• Unions
• Discrimination