Question

**Economics Question***

Consider the following scenarios. Decide if the goods and services being provided are individual, public, or merit goods. For each case, state what kind of good has been described and explain your answer using the definitions of individual, public, and merit goods.

Answer 1

From your window, you can see a city block that's on fire. You watch city firefighters rescue people and battle the flames to save the buildings.

Answer 2

@Vocaloid

Answer 3

this would be merit good because it is fire protection

Answer 4

right?

Answer 5

disclaimer: I am not the best person to ask for econ questions but my research seems to agree with that

http://www.sanandres.esc.edu.ar/secondary/economics%20packs/microeconomics/page_180.htm

Answer 6

The services being provided in this scenario is merit. Fire protection falls into the category of merit goods. A merit good is something provided by the government

Answer 7

good but I would add "provided by the government to promote social welfare but not at optimal quantity" to distinguish merit goods from public goods

Answer 8

While visiting relatives, you learn that your cousins attend a nearby elementary school that is supported financially by local property tax revenue.

Answer 9

This would be public good right

Answer 10

um actually individual :/

Answer 11

I think public might be a better choice since it mentions tax-funding

Answer 12

The services being provided in this scenario is public. This scenario takes about tax-funding which falls into the category of public goods. A public good is a good or service that is used by someone and does not reduce its availability to another.

Answer 13

good

Answer 14

You see a squadron of military jets flying overhead.

Answer 15

well, the military is:
- publicly funded
- non-diminishable
- non-excludable

which leads us towards public goods not merit goods

Answer 16

The services/goods being provided in this scenario are public This scenario takes about something affiliated with military. Since the military is publicly funded, non-diminishable, and non-excludable, this falls into the category of public goods. A public good is a good or service that is used by someone and does not reduce its availability to another.

Answer 17

good

Answer 18

You find out that your aunt works for a defense manufacturing company that has several defense contracts with the government. She tells you that she works for a team that is producing a communications satellite.

Answer 19

honestly not sure about this one, it's probably not individual since it's partially supported by the government

Answer 20

so merit then maybe?

Answer 21

because of the involvement of the government

Answer 22

sure, I'd probably go with merit too

Answer 23

Your class visits a local jail run by a private, profit-making company that detains county criminals and is paid with tax revenue.

Answer 24

this would be individual right?

Answer 25

huh

the tax revenue part is throwing me off, otherwise yeah I'd agree with individual

Answer 26

Maybe just go with individual because there hasn't been a scenario with that yet. and this is the last one LOL

Answer 27

ok

Answer 28

The services being provided in this scenario are individual. Since the government is involved in this scenario, this falls into the category of individual goods. An individual good is a good or service that has to be bought in order to be utilized. The consumption of this good or service does prevent another from consuming it.

Answer 29

sounds good