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Public Good in Economics: Definition, Theory & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following is a set of public goods?

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1. What term does this define: a product or service with a use that is not decided by any one person or persons, but by the society as a whole and good is typically financed by the government, through the use of tax revenues.

2. Who is a free rider?

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About This Quiz & Worksheet

This quiz/worksheet's purpose is to test you on subjects regarding sets of public goods, free riders, the public good theory, and the connection between private and public goods.

Quiz & Worksheet Goals

More expressly, you'll be assessed on:

  • Examples of public goods
  • Products/services financed through taxes
  • What free riders are
  • Who hypothesized the public good theory
  • Hybrids of private and public goods

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the marriage of public and private goods
  • Interpreting information - verify that you can read information about free riders and interpret it correctly
  • Critical thinking - apply relevant concepts to examine information about sets of public good in a new light

Additional Learning

What else can you learn about public goods? Formulate an answer to that question by reading our accompanying lesson, Public Good in Economics: Definition, Theory & Examples. Reading this lesson will further your understanding of:

  • The meaning of public goods
  • Government-funded public goods
  • The union between public and private goods
  • Examples of free riders
  • The application of the public good theory
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