Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 1, Problem 2CQ
To determine
Impact of providing scarce goods.
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The government should provide such goods as health care, education, and highways because it can provide them for free." Is this statement true or false? Explain your answer
Is “fairness” the economic basis for government laws and regulations designed to remedy market failures? If so, why; if not, what is the economic basis?
Which one is better? Equality or Equity? Give an example in which the government has done such a thing.
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Economics: Private and Public Choice (MindTap Course List)
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- Are there any circumstances under which society could exist without law?arrow_forwardWhat distinguishes a public good from a private good? What kind of market failure is addressed when goods are publicly supplied? Why do some private goods like elementary education or public health services get supplied as public goods? In your understanding of evidence from India or other countries on educational outcomes of public schools or delivery of public health services, is public spending on education or public health a good idea, if not, why not?arrow_forwardThe trade-off between efficiency and equity is of great importance to economists. Why are economists so concerned about the impact of government policies and actions on efficiency and equity? Base your answer on economic theory.arrow_forward
- Through economic reasoning, explain the interrelationship with markets and government.arrow_forwardRole of Economics in Shaping Public Policy - Analyze how economics plays a vital role in shaping public discussion in the following policy areas: -Household taxation -Business taxation -Import taxation (tariffs) Please provide an example of each of the discussions you analyzed above and how that example plays out in your life and career.arrow_forwardA dangerous habit among those who own cell phones is driving while talking or texting. Although a great deal has been done to inform drivers of the risks of doing multiple tasks while driving, this informational campaign has been ineffective in the face of increased ownership of cell phones. If you were a policymaker, what types of negative incentives would you suggest to discourage individuals from driving and talking or texting at the same time?arrow_forward
- There are various approaches to deal with ecological illness, and we can all place them on a spectrum between libertarianism (no government intervention, free and atomic individuals can decide what is best for their own interests) vs. benevolent authoritarianism (government should intervene and take necessary steps to save the environment). Where do you stand on this spectrum?arrow_forwardWhat is your major take away from Thomas Dye’s definition of public policy)?arrow_forward
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