Examlex
Which of the following concepts describes a situation wherein society's masses perceive themselves as having more freedom than they actually do?
Positive Externalities
Benefits that are enjoyed by a third-party or the broader society as a result of an economic transaction or activity, without them directly participating in it.
Public Good
A good or service that is characterized by nonrivalry and nonexcludability. These characteristics typically imply that no private firm can break even when attempting to provide such products. As a result, they are often provided by governments, who pay for them using general tax revenues.
Federal Government
The national government of a federated state, which shares sovereignty with its subnational entities and is typically responsible for national defense, foreign affairs, and federal law.
Marginal Benefit
The increase in satisfaction or utility that a person receives from consuming an additional unit of a good or service.
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