What Best Describes Renewable Resources

question 69

Multiple Choice

What best describes renewable resources? 

• A) they can be replenished fairly rapidly on a human time scale through natural processes 
• B) they are things like winds, tides, and flowing water 
• C) they are renewed continuously on a human time scale 
• D) they are things that are continually available like direct solar energy

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Definitions:

Private Good

A type of good that is rivalrous and excludable, meaning its consumption by one individual prevents others from consuming it.

Common Resource

A type of good that provides users with tangible benefits, but which is available to everyone, such as air, water, and fish in the open sea, leading to potential overuse problems.

Common Resource

A natural or man-made resource where one person’s use diminishes other people’s access or enjoyment, but it is difficult to exclude anyone from using it.

Pollution Market Failure

Pollution market failure occurs when the environmental costs of pollution are not reflected in the market prices of goods or services, leading to overconsumption and excessive pollution.