The Difference Between a Private Good and a Public Good

question 152

Multiple Choice

The difference between a private good and a public good is that

• A) private goods are government-sponsored goods while public goods are government-inhibited goods.
• B) externalities are always created in the production process but not in the production of public goods.
• C) private goods make us happy while public goods do not.
• D) the exclusion principle applies to a private good but not to a public good.

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Definitions:

Irrational Fear

An exaggerated or unfounded fear towards objects, activities, or situations that poses little to no actual danger.

Repressed Childhood

A psychological condition wherein memories of early childhood, often traumatic, are unconsciously blocked from conscious recollection.

Conditioning Perspective

A viewpoint in psychology that emphasizes the role of learning in the acquisition of behaviors and mental processes.

Fear Of Darkness

A common anxiety disorder characterized by an irrational and excessive fear of the dark, officially known as nyctophobia.