Potential Problems with Secondary Data Include

question 3

Multiple Choice

Potential problems with secondary data include

• A) may not always be specific
• B) may lack the level of detail needed
• C) may be obsolete
• D) all of the above

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Definitions:

Private Good

A product or service that is consumable and excludable, meaning its use can be restricted to paying customers.

Pareto Optimal

A situation in the economy where optimizing the allocation of resources means that improving one person's situation leads to a decline in another's.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning that individuals cannot be effectively excluded from use, and use by one individual does not reduce availability to others.

Private Consumption

The total value of all goods and services consumed by private households.