Which of the Following Is a Property of a Public

question 101

Multiple Choice

Which of the following is a property of a public good?

• A) It is established by legislation.
• B) Free riders are excluded.
• C) Users collectively consume benefits.
• D) It is determined by positive economics.

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Definitions:

Taxable Income

The portion of an individual's or corporation's income that is subject to taxation by government authorities.

LIFO Method

Last-In, First-Out method; an inventory valuation method where the most recent items added to the inventory are assumed to be the first sold.

Period Of Inflation

A time frame in which the overall level of prices for goods and services is rising, leading to a decrease in purchasing power.

Consigned Inventory

Goods held for sale by one party (the consignee) but owned by another party (the consignor).