A Typical Economic Good Has Which One of the Following

question 73

Multiple Choice

A typical economic good has which one of the following characteristics?

• A) The desired quantity exceeds the quantity available at a zero price.
• B) The quantity available exceeds the desired quantity at a zero price.
• C) It uses no resources to produce.
• D) It is never scarce.

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Definitions:

Statute

A law that has been formally enacted by a federal or state legislative body.

Civil Action

A legal proceeding initiated by an individual or entity, typically for the resolution of a dispute involving private rights and remedies.

Criminal Violation

An act that breaches the laws governing society, subjecting the offender to legal sanctions.

Cost-Benefit Analysis

An economic school of jurisprudence in which all costs and benefits of a law are given monetary values. Laws with the highest ratios of benefits to costs are then preferable to those with lower ratios.