ECONOMICS (CBSE/UGC NET)

ECONOMICS

MARKET FAILURES

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Public goods include
A
banking and other financial services.
B
child-care services.
C
computer repair services.
D
fire and police services.
Explanation: 

Detailed explanation-1: -In economics, a public good refers to a commodity or service that is made available to all members of a society. Typically, these services are administered by governments and paid for collectively through taxation. Examples of public goods include law enforcement, national defense, and the rule of law.

Detailed explanation-2: -2. Public parks, streetlight, police protection are examples of Public goods or services.

Detailed explanation-3: -Examples of goods under-provided include merit goods and public goods. Fire service could be considered a public good. Because fire prevention and fire extinguishing services share the characteristics of public goods.

Detailed explanation-4: -The types of public goods include security, education, knowledge, infrastructure, environment and health.

Detailed explanation-5: -The government plays a significant role in providing goods such as national defence, infrastructure, education, security, and fire and environmental protection almost everywhere. These goods are often referred to as “public goods”.

There is 1 question to complete.