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- 1. Which of the following may not raise money for the government? [A] Power of taxation[B] Police power [C] Power of eminent domain [D] Privatization of government’s capitalassets2. In this power of the State, the person who is parting with his money or property ispresumed to receive a benefit. [A] Taxation [B] Police power [C] Eminent domain [D]Forfeiture power3. (CPA Exam) Police power as distinguished from eminent domain. [A] Just compensationis received by the owner of the property. [B] May be exercised by private individuals. [C]Superior to impairment clause of the Constitution [D] Property is taken by the governmentfor public purposes4. The following are common to the inherent powers of the state, except: [A] They arenecessary attributes of sovereignty [B] They interfere with private rights and property. [C]They affect all persons or public. [D] They are legislative in nature and character.5. The basic principle of taxation which states that taxes must be based on taxpayer’s…Suppose that you are an economic-policy advisor. Environmental groups are pressuring you toimplement the highest-possible carbon tax, whileindustry groups are pressuring you to implementno carbon tax at all. Both argue that their positionmakes more sense economically. Explain to themwhat the most-efficient tax level will be, and whythere are costs to setting the tax too high or toolowBoth public good;; and common resources involve b. How can the government solve the problemexternalities. caused by people like Fredo?a. Arc t~ extemalities associated with public goodsgenerally positive or negative? Usc examples in your answer. Is the froe. market quantity of public goods generally greater or Less than the efficientquantity?b. Are the externalities a.;;sociated with commonresources generall)' positive or negative? Uscexamples in your answer. Is the free·market usc ofcommon resources generally g:reatc.r or less thanthe efficient use?
- Draw a production possibility frontier. The vertical axis shows theproduction of public sector goods and the horizontal axis showsproduction of private sector goods. The economy is currentlyproducing at point A on the frontier where 50 per cent of allproduction is devoted to public sector goods and 50 per cent toprivate sector goods.(a) Mark the following points on your drawing.(i) Point A.(in) Point B which shows production following the election of agoverment which increases government spending on botheducation and the National Health Service.(ili) Point C where unemployment is present in the economy.(iv) Point D where the government takes over production of allgoods and services in the econory.(b) Draw another diagram putting on it the original productionpossibility Frontier you drew for (a), labelling it AA.(i) Draw a new production possibility frontier on the diagram,labelling it PP, which shows the position after a devastatingwar has hit the economy.(in) Draw another PPF…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…Why is it difficult for private markets to providethe optimal quantity of a public good? Why is itdifficult for government to provide the optimalquantity of a public good?
- (a) Explain the difference between a positive externality and a negative externality and why each result in an equilibrium point that is not optimal for society. (b) which externality results in an equilibrium quantity that is higher than the optimal social quantity of a good? (c) how can the impact of the externality in part b be corrected?1. How did Covid-19 affect businesses and the overall economy? 2. Governments and pharmaceutical companies rushed quickly ahead to develop a vaccine. Vaccinations and immunizations are examples of positive externalities. A positive externality is when an activity creates a benefit for those who are not involved in the transaction, a third party. Let’s examine the vaccination of Covid-19 as a positive externality. Question: Why is the Covid-19 vaccination considered a positive externality? 3. Market supply curve S and private demand curve Dp represent the market for vaccinations. Equilibrium is at point e, and the number of people getting the vaccination is Qe. Society would benefit, however, if more people would get the vaccination. Demand curve DS represents the marginal social benefit (MSB), which includes the private demand for vaccinations plus the external benefits that flow from it. Socially optimal enrollment would be Q1 (point f). Society would benefit the most by…EXPLAIN THOROUGHLY 1) What are some of the problems that result when a government prints money rather than raises taxes to pay its expenses? 2) How should user charges for government-provided goods and services be set to achieve efficientoutputs and usage rates of such products? 3) Indicate whether you agree with the following statement, and give your reasons for doing so: “Ifthe highways crossing the City of Koronadal were a pure public good, efficiency would require that the price to use the road be zero. However, during rush hour congestion, the road cannot be regarded as a pure public good and a toll should be charged for its use.” If an automated vehicle identification system were established for residents of the City of Koronadal who use the highways, how would you set tolls to achieve efficient use of the road? The AVI system would allow you to send a bill to each user of the road each month based on miles traveled on the road and the price you charge which could vary by time of…
- Question 4Three neighbors share a private dirt road off the main highway that leads to their homes. The Huang and Smith families value the road at $900 each and the Hudson family values the road at $700. The cost to pave the road is $2,400. Would a proportional tax or headcount tax policy be passed? O a. Only the headcount tax would pass.O b. Neither would pass.O c. Only the proportional tax would pass.O d. Yes, both would pass. Note: correct answer is option a) how?. Some dissenting scientists at Environment Canada disagree with the estimate of $1.50 for theenvironmental externality. They believe that the incidence of the externality is not constant acrossdifferent levels of production; instead the size of the externality is proportional to the level of output.That is, the larger is the output, the larger is the externality. Their research suggests that the truesocial cost of cereal production diverges from private costs at every level of production by an amountequal to ten percent of production (note: ten percent, not ten percentage points).The government would like to know the economic effects of implementing a tax to internalise theexternality in this case. Draw the diagram for this market and policy. Solve for all relevant Ps and Qs.Calculate producer surplusBased on the theory of rational ignorance, what should we expect to happen to voter turnout as the internet makes information easier to obtain?