Which of the following is definitely not a nonexcludable public good?
A. national defense
B. elementary education
C. flood control
D. charitable giving
E. None of the above; all are nonexcludable public goods.
Answer: B
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In the definition of a market, economists consider:
A. actions by third parties that do not include buyers or sellers in the market. B. both actual and potential interactions between buyers and sellers. C. neither actual nor potential interactions between buyers and sellers. D. only actual interactions between buyers and sellers, not potential interactions.
An IAC (industrially advanced country) had a per capita income of $28,200 while a DVC (developing country) had a per capita income of $1,200. If both countries experience a per-capita-income growth of 2 percent, then their respective per-capita income levels will become:
A. $33,840 and $1,440 B. $28,764 and $1,224 C. $33,840 and $1,224 D. $28,764 and $1,440