ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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By soliciting corporate contributions
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By soliciting charitable donations
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By collecting user fees
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By collecting taxes
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Detailed explanation-1: -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: -The primary source of revenue for the U.S. government in 2022 was Individual Income Taxes.
Detailed explanation-3: -These goods are necessary for daily life and national development. Supply of these goods cannot be ignored. The private sector does not hold any interest in these activities because these goods are not profitable and don’t have a profitable market. Thus the government takes the onus of supplying these goods.
Detailed explanation-4: -Public good is a term in economics which refers to the good (commodity) that is available for use for everybody and one person’s usage of it does not diminish or exhaust its availability to others. It is considered non-excludable and non-rivalrous.