3.1. (Government) Complete each of the following sentences: a. When the private operation of a market leads to overproduction or underproduction of some good, this is known as a(n) _________________. b. Goods that are nonrival and nonexcludable are known as __________________. c. ________________ are cash or in-kind benefits given to individuals as outright grants from the government. d. A(n) ________________ confers an external benefit on third parties that are not directly involved in a market transaction. e. ________________ refers to the government’s pursuit of full employment and price stability through variations in taxes and government spending.

3.1. (Government) Complete each of the following sentences: a. When the private operation of a market leads to overproduction or underproduction of some good, this is known as a(n) _. b. Goods that are nonrival and nonexcludable are known as . c. are cash or in-kind benefits given to individuals as outright grants from the government. d. A(n) confers an external benefit on third parties that are not directly involved in a market transaction. e. __ refers to the government’s pursuit of full employment and price stability through variations in taxes and government spending.

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter3: Economic Decision Makers

Section: Chapter Questions

Problem 3.9P

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