Microeconomics
Microeconomics
2nd Edition
ISBN: 9780073375854
Author: B. Douglas Bernheim, Michael Whinston
Publisher: MCGRAW-HILL HIGHER EDUCATION
Question
Chapter 1, Problem 1DQ

(a)

To determine

Goods that are provided centrally by the government.

(a)

Expert Solution
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Explanation of Solution

Some of the examples of goods and services that are provided by the government for the public are police, fire services, and coast guard. These three public services are provided directly by the government and within its jurisdiction.

(b)

To determine

Goods that are provided by firms operating decentralized market.

(b)

Expert Solution
Check Mark

Explanation of Solution

Some of the examples of goods and services that are provided by firms that operate decentralized market are entertainment, clothing, and furniture.

(c)

To determine

Goods that are provided both centrally by the government and by firms operating in decentralized markets.

(c)

Expert Solution
Check Mark

Explanation of Solution

Some of the examples of goods and services that are provided by the government and by firms operating in decentralized markets are education and environmental protection.

(d)

To determine

Goods that are provided through some decentralized procedure other than markets.

(d)

Expert Solution
Check Mark

Explanation of Solution

The examples of goods and services that are provided through some decentralized procedure other than markets are free concert ticket but it may be offered on the basis of first come or first served.

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Students have asked these similar questions
why it may be more difficult to bring more change in a traditional economy than in a market economy.   When planning your response, include basic characteristics of each (traditional and market) economy and reasons why changing from a traditional to market economy may be difficult. Support your ideas with support from this journey or an outside source. Your response should be a paragraph of at least 7-10 sentences.
Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people:   a. the greatr the share of knowledge the heads of firms and government can and must know to be successful b. the smaller the share of knowledge the heads of firms and government can know to be successful c. the greater the need for centralized, top-down planning within large firms and goverments d. the greater the need for firms and governments to avoid markets.
Economist Friedrich Hayek argued that when knowledge is decentralized and disbursed among many people. a) the greater the share of knowledge the heads of firms and governments can and must know to be successful. b)the smaller the share of knowledge the heads of firms and governments can know to be successful. c) the greater the need for centralized, top-down planning within large firms and governments. d) the greater the need for firms and governements to  avoid markets.
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