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ECS1500 Assignment 3 Semester 1 2020 Suggested Solutions with page references
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- University Of South Africa (Unisa)
ECS1500 Assignment 3 Semester 1 2020 Suggested Solutions with page references
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By: usiphe • 1 year ago
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Economics 1500Department of Economics
Assignment 03 for Semester 01 (compulsory)
Unique Number 779802
Learning Units 8 to 10
Weight for semester mark 30%
Number of questions 20
Please answer this assignment on the prescribed answer sheet on myUnisa or in hard copy.
Feedback on these questions will be provided on myUnisa under Additional Resources after
the final closing date.
For questions 3.1 to 3.5 you need to indicate if the statement is true or false. If the
statement is true, choose [1] and if the statement is false, choose [2].
3.1 A public good is a good that cannot be used by any one individual.
[1] True
[2] False
Answer:
A public good is a good that is both non-excludable and non-rivalrous. This means that
individuals cannot be effectively excluded from its use, and use by one individual does not
reduce its availability to others.
Refer to page 164 of the study guide:
8.1.2.2 Public goods
The concept "public goods" refers to goods that have specific characteristics that differ from
private goods. One of the characteristics of public goods is that you cannot exclude anyone
from the benefits of the good. A streetlight is an example of such a good, since houses in its
vicinity cannot easily be excluded from the benefits that it offers. In contrast to this, private
goods can easily exclude others from their benefits. If somebody purchases a jacket, other
consumers are excluded from the benefits of that jacket.
3.2 South African Airways generates its own income and is therefore not regarded as a part
of government.
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