ECONOMICS
MARKET FAILURES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The private sector could not afford the cost of investment to build schools
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The private sector would have lower standards than government schools.
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The provision of schools by the government ensures the widest choice for students
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There are external benefits from the provision of education.
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Detailed explanation-1: -The ‘indirect benefits’ of education may also be called by another name of ‘external economies’ of education. The direct benefits of education are those benefits of education (or returns from education) which are realized directly by the students.
Detailed explanation-2: -Role of Government in Higher Education Initiate policies and programs for strengthening research and innovations, and encourage institutions to engage in stretching the frontiers of knowledge.
Detailed explanation-3: -1) Government schools are an integral part of India’s education system. 2) Government schools are affordable and cheaper. 3) Kendriya Vidyalaya, Army schools, Navoday Vidyalay, etc are some government-affiliated schools in India. 4) Government schools are loaded with many governmental schemes.
Detailed explanation-4: -Education helps you make a positive contribution towards the betterment of the society. Education plays a key role in the overall development of the society. It helps in the establishment of industries and businesses, thereby increasing employment opportunities, which in turn leads to economic prosperity of a country.