A Good That Is Neither Rival nor Exclusive Is Called

question 124

Multiple Choice

A good that is neither rival nor exclusive is called

• A)a private good
• B)a public good
• C)a quasi-private good
• D)an external good
• E)an open access good

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Definitions:

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to update the accounts for any accruals and deferrals that were not recorded during the accounting period.

Accounting Cycle

A series of steps performed during an accounting period, starting with recording transactions and ending with the preparation of financial statements.

Balance Sheet

An inventory of a company's financial resources, debts, and shareholders' stake, captured at a particular moment.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in a net income or loss.