National Defense and Knowledge Are Generally Considered to Be

question 58

Multiple Choice

National defense and knowledge are generally considered to be

• A)private goods.
• B)public goods.
• C)proprietary goods.
• D)societal goods.

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Definitions:

Government Revenue

The money received by government from taxes and non-tax sources to finance government expenditures.

Market Size

The total volume or value of all sales within a given market over a specific period of time.

Consumer Surplus

The gap between the total price consumers are willing to pay for a good or service and the price they actually pay.

Producer Surplus

The difference between the amount producers are willing and able to supply a good for and the actual amount they receive (market price).