Question

Q. Which of the following goods is/are public good/s?

Select the correct answer using the code given below:

• A. 1 and 3 only
• B. 2 only
• C. 2, 3 and 4 only
• D. 1, 2, 3 and 4

Answer 1

The correct option is C 2, 3 and 4 only

Explanation:

• A public good is a term in economics that refers to the good that is available for use for everybody and one person’s usage of it does not diminish or exhaust its availability to others.
• Public goods are provided as a whole to the society by the government and the consumption of these goods by an individual doesn’t reduce its availability or doesn’t exclude others from consuming it. Therefore, public goods exhibit non-rivalry and non-excludability.
• 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.