Which of the Following Statements About Private Goods and Public

question 436

Multiple Choice

Which of the following statements about private goods and public goods is correct?

• A)Private goods and public goods are both excludable.
• B)Private goods and public goods are both rival in consumption.
• C)Private goods are not excludable and public goods are excludable.
• D)Private goods are rival in consumption and public goods are not excludable.

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Definitions:

Industrialized Countries

Nations with significant industrial development, high levels of income per capita, sophisticated infrastructure, and advanced technological capabilities.

Hours Worked

The total time period that an employee spends performing tasks or activities related to their job during a specified period.

Per Capita GDPs

Measures the average economic output per person, calculated by dividing the Gross Domestic Product (GDP) of a region by its population; essentially the same as Per Capita Real GDP but may not be adjusted for inflation.

NICs

Newly Industrialized Countries, nations that are transitioning from primarily agricultural to more industrial and manufacturing-based economies.