Which of the following statements is TRUE about the difference between a public and private good?
A) Both public and private goods are owned by individuals but public goods can be shared while private goods cannot be shared.
B) The government produces private goods while corporations produce public goods.
C) Consumption of a private good by one person reduces the amount available for others while the consumption of a public good does not reduce the amount available for others.
D) Resources are used to produce private goods but are not used to produce public goods.
C
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. Turning PointDateReal GDP (1996 $ billions)(A)Feb. 19612352.9(B)Dec. 19693571.4(C)Nov. 19703566.5(D)Nov. 19734151.1(E)Mar. 19754010.0 Which of the following periods was an expansion?
A. November 1970 through November 1973 B. December 1969 through November 1973 C. November 1970 through March 1975 D. December 1969 through November 1970
According to supply-side theory, which of the following would cause a rightward shift in the aggregate supply curve?
A. Eliminating government-funded training programs for the structurally unemployed. B. Increasing transfer payments to the unemployed. C. Eliminating job search assistance. D. Lifting trade restrictions.