When Economists Refer to Intangible Items,they Are Referring to Such

question 110

Multiple Choice

When economists refer to intangible items,they are referring to such things as

• A) illegal goods,and the value of such items is included in GDP.
• B) illegal goods,and the value of such items is excluded from GDP.
• C) consulting services and dental care,and the value of such items is included in GDP.
• D) consulting services and dental care,and the value of such items is excluded from GDP.

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Definitions:

Marginal Social Cost

The total cost to society of producing an additional unit of a good or service.

Public Good

A good that is non-excludable and non-rivalrous, meaning no one can be effectively excluded from its use, and someone's use of it does not reduce its availability to others.

Airplane Seats

The seating arrangement within an aircraft, determining passenger capacity and comfort levels.

Rival in Consumption

A property of a good whereby one person's consumption of the good reduces the ability of another person to consume it.