For a Good to Be Efficiently Provided by the Private

question 211

Multiple Choice

For a good to be efficiently provided by the private market, it must be:

• A) rival in consumption.
• B) excludable.
• C) a common resource.
• D) rival in consumption and excludable.

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Definitions:

Tyranny

Rule by those who wield their power oppressively and abusively.

Social Contract

An agreement, tacit or explicit, between all members of society, in which each citizen gives up certain rights and privileges in return for the protection and mutual advantage of society.

Distributive Justice

The concept concerning the fair allocation of resources among diverse members of a community.

Oligarchy

Rule by the few.