Question
Download Solution PDFWhich of the following is/are an example of public goods?
a) Defense
b) House
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Only a.
Key Points
- A public good is a commodity or a service provided to the Citizen without any intention of making a profit out of it.
- 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 examples of Public goods as people are not charged for them by the government.
- Public goods are non-excludable, individuals may benefit without contributing to their provision, leading to the "free rider problem." This can result in underfunding and insufficient supply of these goods.
Additional Information
| Type of Goods | Characteristics | Examples |
|---|---|---|
| Public Goods | - Non-excludable - Non-rivalrous |
National defense, public parks, street lighting |
| Private Goods | - Excludable - Rivalrous |
Food, clothing, electronics |
| Mixed Goods | - Some aspects are non-excludable - Some aspects are rivalrous |
Education, healthcare, public transportation |
Last updated on Jul 9, 2025
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