Examlex

Solved

Which One of the Following Statements Is Correct

question 38

Multiple Choice

Which one of the following statements is correct?


Definitions:

Common Property Resource

A type of good consisting of natural or human-made resources where users have shared rights, often leading to problems of overuse or depletion.

Quota

A government-imposed trade restriction that limits the number, or monetary value, of goods that can be imported or exported during a specific time period.

Public Good

A product or service that is non-excludable and non-rivalrous, meaning its use by one individual does not reduce availability to others, and people cannot be effectively excluded from using the good.

Optimal Level

The most favorable or desirable point or state for achieving the best outcome or maximum effectiveness.

Related Questions