Nonrivalry and Nonexcludability Are the Main Characteristics of

question 241

Multiple Choice

Nonrivalry and nonexcludability are the main characteristics of

• A) consumption goods.
• B) capital goods.
• C) private goods.
• D) public goods.

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Definitions:

Savings Account

A deposit account held at a bank or financial institution that provides principal security and a modest interest rate.

Interest Rate

The percentage of a sum of money charged for its use, often expressed annually.

Economic Profits

The surplus gained by a firm when total revenue exceeds total costs, including both explicit and implicit costs, reflecting the financial advantage of a particular course of action.

Accounting Profits

The total revenue of a business minus explicit costs; also known as net income.