Question

what are private rates of return?
the total returns generated by nonrivalrous goods.
the benefits shared equally between individuals and society.
estimated returns going primarily to an individual, like interest on savings.
the external benefits produced by public goods.
the cost incurred by society to prevent free riders.
question 8
1 pts
what is a public good?
a good that benefits only private individuals or firms.
a good consumed only by paying third parties.
a product sold exclusively to individuals at market prices.
a good that is nonexcludable and nonrivalrous.
a service provided to exclude free riders.
question 9
1 pts
what aresocial benefits?
the spillovers leading to market failures.
the sum of private benefits and external benefits.
the private returns captured by firms or inventors.
the total benefits received solely by an individual.
the additional costs incurred by society due to production.

Explanation:

• For the first question: Private rates of return refer to returns that primarily go to an individual. Interest on savings is an individual - level return. Non - rivalrous goods (like public goods) are more about consumption characteristics, not private returns. Benefits shared equally (not private), external benefits (social), and costs to prevent free - riders (related to public good provision) are not private rates of return.
• For the second question: A public good is defined by two main characteristics: non - excludability (it's hard to stop people from using it) and non - rivalrous (one person's use doesn't reduce availability for others). A good for only private individuals/firms is a private good. Paying third parties (not the essence of public goods), selling at market prices (private good trait), and excluding free - riders (opposite of non - excludability) are incorrect.
• For the third question: Social benefits are calculated as the sum of private benefits (what an individual gets) and external benefits (spillover benefits to society). Spillovers (externalities, but not the full social benefit), private returns (private, not social), sole individual benefits (private), and additional costs (not benefits) are wrong.

Answer:

• First question: Estimated returns going primarily to an individual, like interest on savings.
• Second question: A good that is nonexcludable and nonrivalrous.
• Third question: The sum of private benefits and external benefits.