Medicare and Medicaid are examples of which type of good?

• A. Government-provided goods
• B. Common resources
• C. Private goods
• D. Public goods

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the definitions of the types of goods listed in the options. Private goods are excludable and rivalrous, meaning consumption by one person prevents another from consuming the same good.
2. Step 2: Common resources are goods that are rivalrous but not excludable, such as fish in the ocean or public grazing land.
3. Step 3: Public goods are both non-excludable and non-rivalrous, meaning no one can be excluded from using them and one person's use does not reduce availability to others, like national defense or public broadcasting.
4. Step 4: Government-provided goods are goods or services provided by the government, which can include public goods but also other goods and services like Medicare and Medicaid, which are government programs providing healthcare support.
5. Step 5: Since Medicare and Medicaid are government programs providing healthcare services, they fall under the category of government-provided goods rather than purely private goods, common resources, or public goods.