Examlex
Use the following to answer questions:
-(Table: International Transactions) Refer to Table: International Transactions. The merchandise trade balance is:
Excludable
A characteristic of a good or service that allows its owner to prevent others from using it without permission.
Nonexcludable
A characteristic of a good or service whereby individuals cannot be effectively excluded from using it, often resulting in public goods.
Public Good
A product or service that is made available to all members of society, characterized by non-excludability and non-rivalry in consumption.
Free-Rider Problem
A situation where some individuals consume more than their fair share of a public resource, or do not pay for their share, leading to underproduction or depletion of the resource.
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