Public Goods Differ from Common Resources in That

question 192

Multiple Choice

Public goods differ from common resources in that:

• A)both are nonrival in consumption, but public goods are excludable, while common resources are nonexcludable.
• B)both are excludable, but public goods are nonrival in consumption, while common resources are rival in consumption.
• C)both are nonexcludable, but public goods are nonrival in consumption, while common resources are rival in consumption.
• D)both are rival in consumption, but public goods are nonexcludable, while common resources are excludable.

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Definitions:

State Laws

Regulations established by individual states within a country, which govern within their territory and may vary from state to state.

Federal Laws

Laws enacted by the national government of a country that apply to the entire nation, superseding state and local laws where there is conflict.

Beneficiary

An individual or entity entitled to benefits or assets under a will, trust, insurance policy, or other legal instrument.

Insured

A person or entity covered by an insurance policy.