GENERAL KNOWLEDGE

WHICH OF THE FOLLOWING IS AN EXAMPLE OF FREE GOOD

  • A. Free education
  • B. Water in the ocean ✓
  • C. Dinner you did not pay for
  • D. Your rented apartment

 

The answer to the question is: B. Water in the ocean

A free good refers to a type of economic resource that is available in abundance and does not require any cost or effort to obtain. It is a product or service that is naturally abundant or readily available without the need for human intervention or production. Unlike economic goods, which are scarce and have a price attached to them, free goods are unlimited in supply and do not possess any economic value.

Free goods can be found in nature and can include resources such as air, sunlight, and water. These resources are not produced by human labor and are available to all individuals without any direct cost. Since they are not scarce, free goods do not require any allocation or distribution mechanisms.

However, it is important to note that although free goods may not have a monetary cost associated with them, there may still be indirect costs involved in their utilization. For example, the extraction and purification of water for consumption may require infrastructure and energy, which incur costs. Additionally, the maintenance of clean air quality may involve efforts to reduce pollution, which also requires resources.

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