ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Electricity is not provided free. People pay for the service or the unit of electricity they consume. National Defence, Light House, and Public Parks are an example of Public goods as people are not charged for it by the government.

Detailed explanation-2: -Examples of public goods are education, infrastructure, lighthouses, flood control systems, knowledge, fresh air, national security, official statistics, etc. Electricity is not a public good, it’s a private good.

Detailed explanation-3: -The types of public goods include security, education, knowledge, infrastructure, environment and health.

Detailed explanation-4: -Option C is the correct answer. The consumption of public goods by several individuals is rivalrous is. not a characteristics of public goods. One of the major characteristic of public good is that it is non rivalrous which implies that use of any public good by one person wont deny its use by another person.

Detailed explanation-5: -Street lighting – It is generally provided by communities, and consumption/use of the lighting doesn’t prevent others from using it as well. Emergency services – They are provided to communities, and their use benefits and strengthens the community. More items •09-Dec-2022