Which of the following is a characteristic of a public good?
A. Excludable and rivalrous
B. Excludable but non-rivalrous
C. Non-excludable but rivalrous
D. Non-excludable and non-rivalrous
Answer: Option D
Solution (By JKSSB Mock Tests)
Public goods are non-excludable (difficult to prevent non-payers from consuming) and non-rivalrous (one person's consumption does not reduce availability for others).
Explanation:
Piketty’s central argument is that when the rate of return on capital (r) systematically exceeds the growth rate of the economy (g), the share of capital in national income and the concentration of wealth tend to increase.
Explanation:
The typical stages of a business cycle are expansion (recovery), peak (boom), contraction (recession) and trough (depression), and then the cycle repeats.
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