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:

Assembly Lines

A manufacturing process in which parts are added to a product in a sequential manner, using conveyors or other efficient means, to create a finished product efficiently.

Robotics

The branch of technology that involves the design, construction, operation, and application of robots.

Resource Inputs

The materials, labor, and capital that are used to produce goods and services.

Organisational Outputs

The results or products that come from the functioning of an organization, including goods, services, and ideas.