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Describe two activities by the government that can cause allocative inefficiency.
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- How, if any, does the invisible hand affect government resource allocation? Group of answer choices A. It rewards government bureaucrats who are most efficient at implementing public policies. B. It does not help resource allocation, as there are no competitive forces within government that automatically direct resources to their best. C. It enhances govenment efficiency by promoting competition for resources within government. D. It reduces government efficiency by sending market signals that interfere with government decision making.Which of the following is an allocative policy tool? Group of answer choices An innovation grant Medical review board Health inspections LicensureIt is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?
- It is clear that productive inefficiency is a waste since resources are being used in a way that produces fewer goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?With the aid of examples or illustrations show how cost-benefit analysis is linked to the following two welfare economic theory Public/Merit GoodsMany city governments provide transportation subsidies in the form of lowering the cost perride on public transit (e.g. buses or trains) to lower traffic congestion. According to the modelin this class, which of the following statements may be true about this type of transportationsubsidy? Do not worry about the underlying facts of each statement, only whether it makeseconomic sense given our model. (Select one or more.)(a) Subsidies decrease the number of drivers because transit and driving are substitutes.(b) Subsidies decrease the number of drivers because transit and driving are complements.(c) A subsidy is identical to a binding in-kind transfer.(d) The equivalent variation of a subsidy is greater than the cost of a bus/train trip.(e) The equivalent variation of a subsidy is less than the same size lump-sum transfer.(f) We can’t compute equivalent variation since congestion is an externality.(g) Transportation subsidies target low-wealth people because transit is an inferior…
- Examine the economic concept of opportunity cost as it relates to the basiceconomic problem.In the United States, one of the largest welfare programs is the Supplemental NutritionAssistance Program (SNAP)1representing the second largest in-kind transfer programfor individuals in the US. From the abstract of the study we are told “[a] 1% increasein benefits per population raises grocery prices by a persistent 0.08%. A calibratedpartial-equilibrium model implies a marginal benefit dollar raises a recipient’s consumersurplus from groceries by $0.7, producer surplus by $0.5, and lowers each non-SNAPconsumer’s surplus by $0.05.” In other words, increasing the size of the in-kind transferleads to higher prices. This higher price results in a larger surplus for grocery stores anda lower consumer surplus for individuals not participating in SNAP. Those individualswho participate in SNAP can increase their overall consumer surplus as they haveaccess to more goods, despite the higher price. This result is estimated using thenearly 100% redemption of the SNAP benefits (i.e. assuming the…The concept of production possibility frontier explains that a. any point within the curve is a combination of labor and capital input that fall short of putting all inputs to good use b. that capital is more that labor inputs c. any point within the curve is a combination of labor and capital input that is utilized d. that labor is more that capital inputs The concept of production possibility frontier explains that a. labor and capital combination is not enough to produce an output that have very minimal wastage b. level of output is optimal c. labor and capital combination is not enough to produce an output d. level of inputs is optimal more than zero but less than one in the concept of Income Elasticity means a. luxury goods b. substitute goods c. inferior good d. necessity goods
- Government interventions are as a result of inefficient markets .This implies that inequalities in wealth that arise from from efficient markets do not warrant government interventions. True or false, and explainCould you kindly advise or provide the below: Microeconomic supply and demand model with elasticity.In his State of the Union address in 2003, President Bush supported the idea of changing from the use of internal combustion engines to fuel cells based on hydrogen as a way of reducing air pollution and the emission of greenhouse gases. Fuel cells are nonpolluting because they only emit water vapor. President Bush proposed having the government subsidize research and development of hydrogen fuel and fuel cell technology. The president did not propose raising taxes on gasoline as a way of encouraging the use of fuel cells and reducing greenhouse gases. Currently, hydrogen is more expensive than gasoline. Would an increase in the tax on gasoline encourage the development of hydrogen-based fuel cell technology for automobiles?