Which of the Following Is a Private Good

question 17

Multiple Choice

Which of the following is a private good?

• A) traffic lights
• B) mountain bike trails in a national forest
• C) a fast-food cheeseburger
• D) cell phone service

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Definitions:

Wages Payable

The total amount of wages earned by employees that have not yet been paid by the employer.

Wages Expense

The total cost incurred by a business for paying salaries and wages to its employees during a particular period.

Finished Goods

Items that are fully manufactured but have not been sold or dispatched to the final consumer.

Work in Process

Inventory items that are in the production process but are not yet completed goods, often abbreviated as WIP.