Economic Income Includes

question 49

Multiple Choice

Economic income includes:

• A)recurring components only.
• B)nonrecurring components only.
• C)both recurring and nonrecurring components.
• D)neither recurring nor nonrecurring components.

---

Definitions:

Public Good

Nonexclusive and nonrival good; the marginal cost of provision to an additional consumer is zero and people cannot be excluded from consuming it.

Common Property Resource

A type of good consisting of natural or human-made resources where users have shared rights, often leading to problems of overuse or depletion.

Quota

A government-imposed trade restriction that limits the number, or monetary value, of goods that can be imported or exported during a specific time period.

Public Good

A product or service that is non-excludable and non-rivalrous, meaning its use by one individual does not reduce availability to others, and people cannot be effectively excluded from using the good.