For each government action, indicate the type of government activity and justification.Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once toplace a check mark. For incorrect answer(s), click the option twice to empty the box.a) New York City bans smoking in restaurants.? Externality? Public good? Market regulation? Redistributionb) Congress renews the food stamp program, which gives poor people access to groceries at a discount.? Externality? Public good? Market regulation? RedistributionNext>23 of 67< PrevWto search b) Congress renews the food stamp program, which gives poor people access to groceries at a discount.?Externality? Public good? Market regulation?Redistributionc) Local governments open libraries that are available to anyone.? Externalities? Public goods? Restribution? Market regulation23 of 67< PrevNext1:4o search10/2prt scSysradeleteinsertF12f11homf10pausef815breakD/XI

a) New York city bans smoking in restaurants – EXTERNALITY. Smoking in public places creates…

Answered: For each government action, indicate…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

“For most of the last 15 years, capital has been cheap. Since 2009, the after-tax cost of borrowing for some large companies has been below the rate of inflation, making their debt in real terms cost-free. All that changed in March 2022, when the world’s central banks began raising rates to curb rising inflation.” The paragraph above is an example of: a. factors of production b. opportunity cost c. market failure d. externalities
The government uses several tools to implement environmental regulation. For example, mandatory production standards are designed to prevent companies from damaging a public good such as air or water. Emission taxes that create financial incentives for industries to reduce known pollutants, for example, from oil and coal production, are used to reduce negative externalities. The government can also force a company that causes an environmental problem to clean it up, thus solving the free rider problem. Nevertheless, government regulation imposes costs on society: Higher production costs due to regulation may be passed on to households in the form of higher prices, which—if large enough—can harm the economy. Legislation and its enforcement increase the size and cost of government. What type of analysis does government engage in to protect public goods? Explain using economic terms. What is government goal?
As it relates to a public good, nonrivalry means that: the public sector is able to provide the good profitably. there is no need or demand for the good. either the public sector or the public sector can produce the good, but not both. one person's benefit from the good does not reduce the benefit available to others.
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.
For each of the goods, identify the characteristics that describe each good. Note that each good will be described with two characteristics. Rivalrous is also referred to as rival in consumption. Consider only the immediate benefits and costs, not any externalities. National Defense Pay- Per- View Cable Television A Hot Pocket Sandwich Private Classroom Education Pajamas A unicycle Excludable Nonrivalrous Nonexcludable Rivalrous
Much of production and distribution involves the creation or the handling of things. a. . Is this a know how problems? b. Is this government problems? c. Is this social problem. d...All of the above.
Macroeconomics is a study of economics that deals with which 4 major factors: A) Firm, government, free-market, and regulation. B) Household, firm, government, and the external sector. C) Household, firm, government, and demand-supply. D) Household, firm, and government only.
According to Adam Smith , the "invisible hand" of the marketplace Multiple choice O. -is always the best way to organize the production and distribution of economic resourcesO. -is the best way to organize production, but should NOT be used to organize the distribution of resourcesO. -should be carefully regulated by the governmentO. -will frequently promote the interest of society Explain it
Which one of the following is not part of the necessary conditions for efficient markets? a. (Perfect) competition and information b. Absence of externalities and public goods characteristics c. Macroeconomic stability d. Democracy
1. In the voluntary-contribution model considered in the lectures, the public good was national defense, and z was measured by the total number of soldiers. This total was in turn equal to the sumof the soldiers hired by both consumers, so that z = z1 + z2. We saw that the consumers acting alone hired too few soldiers, so that z was less than z*. Consider now the issue of voluntary contributions to a different type of public good: flood prevention. Imagine that two farmers cultivate land in a narrow valley next to a river. Each farmer builds a dike (i.e., an embankment) along his part of the river in order to prevent flooding during the rainy season. The height of farmer 1’s part of the dike (measured in feet) is z1, while the height of farmer 2’s part of the dike is z2. If farmer 1 wants to add extra height to his part of the dike, the cost is c for each extra foot of height added. The same cost applies to farmer 2. Since water comes over the dike at the lowest point, the flood…
Based upon those notions of self-interest and public interest and the bringing of both into harmony, according to Adam Smith, how would a market economy accomplish that harmony about which he describes? What is government's place in that market economy?
According to the invisible hand concept, the best way for a society to encourage the creation of jobs and the production of the products most wanted by consumers would be to: A) Permit government owned industries, such as telecommunications, transportation, and energy, and operate these firms as nonprofit organizations. B) Allow private ownership of businesses, but make use of extensive regulation to force businesses to behave in a socially desirable way. C) Allow entrepreneurs personal freedom to follow their own self-interest. D) Impose high taxes on individuals, and use the revenue to subsidize businesses to encourage them to produce the maximum rate of output.

SEE MORE QUESTIONS

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

Principles of Economics (12th Edition)

Economics

ISBN:

9780134078779

Author:

Karl E. Case, Ray C. Fair, Sharon E. Oster

Publisher:

PEARSON

Engineering Economy (17th Edition)

Economics

ISBN:

9780134870069

Author:

William G. Sullivan, Elin M. Wicks, C. Patrick Koelling

Publisher:

PEARSON

Principles of Economics (MindTap Course List)

Economics

ISBN:

9781305585126

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Managerial Economics: A Problem Solving Approach

Economics

ISBN:

9781337106665

Author:

Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:

Cengage Learning

Managerial Economics & Business Strategy (Mcgraw-…

Economics

ISBN:

9781259290619

Author:

Michael Baye, Jeff Prince

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS