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Questions and Answers
Which term is used to describe goods that are owned collectively by a group of individuals?
Which term is used to describe goods that are owned collectively by a group of individuals?
- Private goods
- Public goods
- Common property goods (correct)
- Club goods
What is the main characteristic of common property goods?
What is the main characteristic of common property goods?
- They are owned by a group of individuals (correct)
- They are owned by a single individual
- They are owned by a corporation
- They are owned by the government
Which of the following is an example of a common property good?
Which of the following is an example of a common property good?
- A public park (correct)
- A privately owned house
- A club membership
- A company's trademark
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