Bob Owns 5 Acres of Land

question 422

Multiple Choice

Bob owns 5 acres of land. Bob sells the land to a real estate developer who builds a subdivision with 10 houses. The land is an example of a good that is

• A)both rival in consumption and excludable.
• B)neither rival in consumption nor excludable.
• C)excludable, but not rival in consumption.
• D)rival in consumption, but not excludable.

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Definitions:

Oversight

Supervision or oversight intended to ensure that an activity is being conducted correctly and to identify areas for improvement.

Systematic Oversight

Systematic oversight involves organized and consistent monitoring and evaluation of a process, system, or organization to ensure compliance with standards and to improve efficiency and effectiveness.

Prison Conditions

The set of circumstances affecting the environment within a prison, including facilities, treatment of inmates, and overall living quality.

Operations

Refers to the day-to-day activities and procedures companies or organizations carry out to fulfill their functions and achieve their objectives.