Determine whether the statements is true, false, or uncertain. If the statement is false or uncertain, please correct the statement to make it true. If the statement is true, please explain your answer briefly. Include a short definition of any CAPITALIZED term. 1. A market system left alone will tend to over-allocate resources to the production of public goods due to the FREE RIDER PROBLEM.
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Determine whether the statements is true, false, or uncertain. If the statement is false or uncertain, please correct the statement to make it true. If the statement is true, please explain your answer briefly. Include a short definition of any CAPITALIZED term.
1. A market system left alone will tend to over-allocate resources to the production of public goods due to the FREE RIDER PROBLEM.
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- True-False-Uncertain. Respond to following statements as True, False, Uncertain and justify your claim. According to the Coase Theorem, government intervention is needed to solve externalities. It always makes sense when a public good is financed by the government. If A is Pareto efficient and B is Pareto inefficient, A must be a Pareto improvement over B. According to Arrow’s impossibility theorem, a democratic society will always make consistent decisions.Determine whether the statements is true, false, or uncertain. If the statement is false or uncertain, please correct the statement to make it true. If the statement is true, please explain your answer briefly. Include a short definition of any CAPITALIZED term. 1. The government can internalize externalities by taxing goods that have positive externalities and subsidizing goods that have NEGATIVE EXTERNALITIES.Suppose Fischer Pond is a common-property resource—anyone can fish without having to pay for access. Locke Lake is privately owned—people who want to fish must purchase one of a limited number of permits from the lake's owner each season. According to the incentives that private ownership creates, which of the following would you expect to happen? Check all that apply. The owner of Locke Lake is likely to keep the lake clean and unpolluted. The owner of Locke Lake is likely to limit the number of fishing permits in order to maintain a plentiful stock of fish. Fischer Pond is less likely to experience a dwindling stock of fish each season.
- 1) True-False-Uncertain. Respond to following statements as True, False, Uncertain and justify your claim. Answers that do not provide justification will receive zero points. According to the Coase Theorem, government intervention is needed to solve externalities. It always makes sense when a public good is financed by the government. If A is Pareto efficient and B is Pareto inefficient, A must be a Pareto improvement over B. According to Arrow’s impossibility theorem, a democratic society will always make consistent decisions.Compare and contrast the Equity Theory vs. the Attribution Theory.Q51 Suppose an advertising firm purchases additional insurance against theft and, as a result, the partners are not very careful about locking their office doors when they leave. This is... a. Adverse selection. b. A public good. c. A common property resource. d. The free-rider problem. e. Moral hazard.
- True-False-Uncertain. Respond to following statements as True, False, Uncertain and justify your claim. Answers that do not provide justification will receive zero points. a) According to the Coase Theorem, government intervention is needed to solve externalities. b) It always makes sense when a public good is financed by the government. c) If A is Pareto efficient and B is Pareto inefficient, A must be a Pareto improvement over B.Question Five What are public goods? What is a free rider problem? State and explain the characteristic of public goods State and explain the importance of Public Finance Explain any four principle causes of public expenditure growthConsidering the elements in the external environment, it is correct to say that ______. Question 37 options: A) All of these are true. B) the socio-cultural environment has become less important in recent years because of the increasing diversity of the population in Canada. C) the boundary between a company and the political-legal environment is more porous than the boundary between a company and the socio-cultural environment. D) The economic environment will affect the performance of almost every business. E) the political-legal environment is something that cannot be influenced by Canadian business firms.
- 1. In ethical terms, externalities must be recognized as costs of production for the following (s): Select one or more than one: a. market reasons b. profit c. compensatory justice d. commutative justice and. so that the price of the product or service is fair F. retributive justice g. distributive justice h. It is a generally accepted accounting principleMark the correct answer(s) d. Heterogeneity leads to more infomation that a consumer has to collect before being able to make a rational decision. e. If one market side has more information than the other side, economist name this situation as asymmetric information. f. Negative external effects lead to a higher than optimal market quantity. g. Competitive markets are assumed to have total transparency and information. h. Most markets do not produce or trade homogeneous, but heterogeneous goods. i. Akerlof's lemon market model and the solutions show that goverment does not always have to intervene to keep the market working in case of asymmetric information. j. Positive external effects do not need a corrective intervation. Please answer all with short explanationTrue/False Provision of public goods is the same as public production