All of the Following Statements Are Correct EXCEPT

question 29

Multiple Choice

All of the following statements are correct EXCEPT:

• A) Successful businesses seek to meet their social and ethical responsibilities.
• B) Business is the economic pulse of a nation.
• C) Business includes nonprofit organizations that provide services to the public.
• D) Business provides goods and services necessary to an economic system.

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Definitions:

Excludable

A feature of a product or service enabling the proprietor to prohibit its use by others without authorization.

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they are available for everyone to use without reducing availability to others, such as public parks or national defense.

Common Resources

Resources that are non-excludable but rivalrous, meaning they are available to everyone, but one person's use diminishes another's ability to use it.

Nonrival in Consumption

A characteristic of some goods where one person's consumption does not reduce the availability of the good for consumption by others.