Understanding Types of Goods in Economics

What are the two main characteristics used to classify goods in economics?

• Quality and quantity

• Supply and demand

• Excludability and rivalrousness

• Price and demand

Which of the following is an example of a private good?

• National defense

• Fresh air

• Public park

• Ice cream

What is a key feature of public goods?

• They are excludable and rival

• They are non-excludable and non-rival

• They are excludable but non-rival

• They are non-excludable but rival

What is the 'tragedy of the commons' associated with?

• Overuse of private goods

• Underuse of club goods

• Underuse of public goods

• Overuse of common resources

Which type of goods are often provided by natural monopolies?

• Club goods

• Common resources

• Public goods

• Private goods