A(n)________ Is Any Good That Is Produced Domestically but Sold

question 148

Multiple Choice

A(n) ________ is any good that is produced domestically but sold abroad,and a(n) ________ is any good that is produced abroad but sold domestically.

• A) public good; private good
• B) private good; public good
• C) import; export
• D) export; import

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Definitions:

Probability

A notation of the chances an event will transpire, marked on a scale from 0 to 1.

Independent Events

Multiple events where the happening of one does not influence the likelihood of the other events happening.

P(A ∩ B)

P(A ∩ B) denotes the probability of the intersection of events A and B, meaning the probability that both A and B occur.

Occurrence

An event or incident that happens or takes place.