Which of the Following Goods Is Excludable and Not Rival

question 110

Multiple Choice

Which of the following goods is excludable and not rival in consumption?

• A)a can of soda
• B)New England lobsters in the ocean
• C)street lights
• D)fire protection

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Definitions:

Permanent Accounts

Balance sheet accounts whose balances are carried over into the next accounting period.

Balance Sheet

A financial statement that shows an entity's assets, liabilities, and shareholders' equity as of a specific date, providing a snapshot of its financial condition.

Financial Statements

Reports that provide an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.

Income Summary

An account used in the closing process that summarizes the revenues and expenses for a period, helping to determine the net income or loss.