Eco 440_PS3

8. Agreement and disagreement among economists Suppose that Raphael, an economist from a business administration program in Georgia, and Susan, another economist from a nonprofit institution in the Midwest, are both guests on a popular science podcast. The host of the podcast is facilitating their debate over government intervention. The following dialogue represents a portion of the transcript of their discussion: Susan: The usefulness of government intervention in the economy is a long-standing issue that economists continue to debate. Raphael: I feel that government involvement in the economy should be reduced because government programs cause more harm than good. Susan: While I do agree that government programs can be inefficient, I really think they are necessary to help the less fortunate. The disagreement between these economists is most likely due to differences in values Despite their differences, with which proposition are two economists chosen at random most likely to agree?…

2. What Role for Government? In Naked Economics, Chapter 3 (in eReserves), Wheelan describes a number of ways in which the "government is your friend" in a well- functioning society and economy. List and explain two ways that, in your everyday lives, there is a need for an effective government role in an economy. Explain how this government role does or does not solve a market failure such as an externality.

This is one question I didn’t have space so I inserted two pictures thank you :)

8. Agreement and disagreement among economists Suppose that Kenji, an economist from a business school in Georgia, and Lucia, an economist from a public television program, are arguing over government intervention. The following dialogue shows an excerpt from their debate: Lucia: The usefulness of government intervention in the economy is a long-standing issue that economists continue to debate. Kenji: I feel that government involvement in the economy should be reduced because government programs cause more harm than good. Lucia: While I do agree that government programs can be inefficient, I really think they are necessary to help the less fortunate. The disagreement between these economists is most likely due to Despite their differences, with which proposition are two economists chosen at random most likely to agree? O Tariffs and import quotas generally reduce economic welfare.

The following diagram shows the market for medical checkup.   What are the equilibrium price and quantity of medical checkup?  Which kind of externality problems exists in the market for medical checkup? How does this externality problem affect the efficiency of the market? Explain in detail.  How can the government solve this externality problem? Explain in detail.

Define Public Policy according to Laswell

Please elaborate on the economic role of the government under the two different economic theories of "laissez-faire" and "government intervention". What kind of theory do you think the Hong Kong Special Administrative Region Government pursues? why?

Concept Question 5.11 The federal government often aids farmers through systems of price supports. Suppose that the government sets a price support of $6 per pound in the rice market. The graph on the right shows this situation. 10- The price of rice would be $ 5 per pound if there was no price support. In order to maintain the price support, the government will have to purchase 200 pounds of rice. 8- The cost of this program to the government is S $5 4- 2- D 300 400 500 Quantity of rice Price of rice

Which of the following is a key economic function of government? a. issues passports, visas, and foreign travel advisories b.  researches the causes and cures of illness and disease c.  awards medals and honors for cultural achievement d.  protects and enforces property rights and contracts Your friend convinced you to spend all day at the Renaissance Faire. The ticket to the Renaissance Faire cost $25 and food at the venue cost $20 Alternatively, you could have worked for 4 hours tutoring at the SAC earning $15/hour and then spent the rest of the day with your family what your opportunity cost of going to the Renaissance Faire? a. $45 b. $105 + value of time with your family c. $15 d. $60

Please help me answer this business ethics question. Explain briefly   1: [Influence of Business on Government] Using two examples, explain when influence of business on government can become corrupt and what the implications of such influence are on wider society.

In many models, the amount of government offered services that is socially and economically efficient tends to be much smaller than that is actually produced and given to the people. Discuss why this appears to be the case, and show with a graph where the efficient level of government output would lie with respect to actual output. Do you understand why historically, the level of government services provided tends to rise irrespective of what the efficient level ought to be? Why would this be?

True or false and use a graph to explain: a) can it be welfare-improving for governments to undertake investments that would not be profitable for private firms? b) when there is congestion, do you think a toll road can lead to a higher level of social welfare than a freeway, but in the absence of congestion, freeways are better than toll roads?

microeconomics

Why are broad social indicators rarely used as measures of public program performance?

8)  Marjorie Randon Hershey argues in the textbook that “Democracy cannot function without parties.”

Which one of the following is a definition of a merit good? A) Services which can only be provided by the government through taxesB) Goods which provide cear social and private benefits to consumersC) A good which can be produced by the market but would likely be under-consumedD) Goods which are beneficial in consumption but consumers are unaware of the extent of the benefitsE) Goods which are not capable of being provided by the market because they are excludable and rival Merit goods are an example of which of the following problems in economics:A) Free riderB) Principal-agentC) Tragedy of the CommonsD) Intertemporal choiceE) Excludable, non-rival goods provision De-merit goods have characteristics that if left the market mechanism, they are over consumed and impose private costs on the individual consume them, and also have wider social costs. Which of the following ways in which a government might seek to reduce consumption of of merit costs? Check all the apply A) Impose…

5. The results of the recent Federal Census will have no impact on the amount of revenue a State receives from intergovernmental grants. True/False Correction to make true.

[Topic : Market allocation and welfare; lecture: externality  need part d and e

What is public administration? Define bureaucracy and explain the role of bureaucracy in public administration. Is the role of bureaucracy has been for constitutional legitimacy? If so, what powers are given to public administrators to formulate and implement the public's will? Answer in 250 words or more than

Question 1 Consider an economy with two firms and a government. Firm 1 produces 10000 units of good X, which it sells for $20 per unit. It uses this revenue to pay $140000 in wages, $10000 in taxes, and $10000 in interest on a loan, with the rest as profits. Firm 1 sells some of its output to consumers, and some to Firm 2 as an intermediate good in their production process. Firm 2 uses good X as an input into its manufacturing process. It buys 8000 units of good X and uses them to create 1000 units of good Y, which it sells for $400 per unit. It pays $200000 in wages and $20000 in taxes, with the rest as profits. The government takes in taxes from only these two firms, and uses it to pay wages to provide government services, for instance national defense. Please calculate GDP using the three different methods. (Of course, you'll arrive at the same answer; however, indicate clearly what values you're using in each case to arrive at the final answer, so as to illustrate you know what is…

1.    How do the different branches of government work together to implement public policy?

part B