Question
Download Solution PDFWhich of the following is an INCORRECT statement concerning public goods?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Consumption of public goods by people is rivalrous in nature.Key Points
- Public goods are goods or services that are non-excludable and non-rivalrous in nature.
- Non-excludable means that it is difficult or impossible to exclude someone from using the good or service once it is provided.
- Non-rivalrous means that one person's use of the good or service does not diminish its availability for others.
- Usually, public goods are provided by the government.
- This statement is generally true, as governments often provide public goods due to their non-excludable and non-rivalrous nature.
- Consumption of public goods by people is rivalrous in nature.
- This statement is incorrect, as the consumption of public goods is non-rivalrous in nature.
- It is not easy to collect fees for public goods from every individual.
- This statement is true, as it is difficult to exclude individuals from using public goods and therefore difficult to collect fees from every individual.
- Public goods are non-excludable in nature.
- This statement is true, as public goods are difficult or impossible to exclude someone from using once they are provided.
Additional Information
|
Types of goods |
Description |
|---|---|
|
Consumer goods |
These can be both durable and non-durable. Durable- car, furniture, etc. Non-durable- food, etc. These are the final goods that are directly consumed by the users. |
|
Capital goods |
These are the ones that are used in the production of other goods. These are durable in nature like machines, tools, etc. |
|
Luxury goods |
These are the goods whose demand is exponentially related to consumers’ income. These are remarkable goods of high quality. These are opposite to necessity goods. Examples – gold jewelry, etc. |
Last updated on Jul 9, 2025
-> The Staff selection commission has released the SSC CHSL Notification 2025 on its official website on 23rd June 2025.
-> The SSC CHSL Apply Online 2025 has been started and candidates can apply online on or before 18th July.
-> The SSC has released the SSC CHSL exam calendar for various exams including CHSL 2025 Recruitment. As per the calendar, SSC CHSL Application process will be active from 23rd June 2025 to 18th July 2025.
-> The SSC CHSL is conducted to recruit candidates for various posts such as Postal Assistant, Lower Divisional Clerks, Court Clerk, Sorting Assistants, Data Entry Operators, etc. under the Central Government.
-> The SSC CHSL Selection Process consists of a Computer Based Exam (Tier I & Tier II).
-> To enhance your preparation for the exam, practice important questions from SSC CHSL Previous Year Papers. Also, attempt SSC CHSL Mock Test.
-> The UGC NET Exam Analysis 2025 for the exam conducted on June 25 is out.
-> Bihar Police Admit Card 2025 has been released at csbc.bihar.gov.in.