A Public Museum Is an Example of a

question 210

Multiple Choice

A public museum is an example of a

• A) government-sponsored good.
• B) public good.
• C) good which generates a positive externality.
• D) good which generates a negative externality.

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Definitions:

Behavioural Economics

A field of study that analyzes the effects of psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

Consumer Economics

A branch of economics that deals with the study of how individuals make decisions to allocate their resources over consuming goods and services.

Standard Of Living

The degree of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

International Standards

Specific criteria and guidelines established by international bodies to ensure that products, services, and processes are safe, reliable, and consistently perform as intended across different countries.