Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 11, Problem 3IAPA
To determine
To explain:
The outcome of the election.
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The satisfaction that an individual gain after consuming a cold Orange Juice on a hot day describes *
a.Public benefit
b.private benefit
c.external benefit
d.social benefit
If it costs Levy $1.50 to prepare a burrito, that would reflect it's:
a.social cost
b.external cost
c.private cost
d.Public cost
As a result of the COVID19 pandemic, the Government will be opening a pre-school in Back-A- Town area, and subsidizing the cost. The reason for this is because the government is of the opinion that pre-school education is: *
a.Underpriced
b.Overproduced
c.Under-produced
d.Over-produced
Full funding of tertiary level education is an example of a government: *
a.Tariff
b.Tax
c.Subsidy
d.Loan
Give typing answer with explanation and conclusion
Which of the following policies could help the government achieve the efficient outcome?
Check all that apply.
Implement tradable pollution permits
Offer a subsidy equal to the price at the efficient outcome
Offer a subsidy to consumers equal to the vertical distance between the marginal private benefit curve and the marginal social benefit curve
Offer a subsidy to producers equal to the vertical distance between the marginal private benefit curve and marginal social benefit curve
Introduce emission taxes
Just answer true or false
1. Mining has negative externalities
2. The social cost of putting up a dam is reduced if the government ensures that the communities adversely affected are relocated in another area with sustainable sources of livelihood
3. Fireworks display during Christmas sponsored by an agency has both positive and negative externalities.
4. When a public space has been enclosed for a concert and people can only get in by buying tickets, the public space is no longer a public good that is non-rival and non-exclusive.
Chapter 11 Solutions
Foundations of Economics (8th Edition)
Ch. 11 - Prob. 1SPPACh. 11 - Prob. 2SPPACh. 11 - Prob. 3SPPACh. 11 - Prob. 4SPPACh. 11 - Prob. 5SPPACh. 11 - Prob. 6SPPACh. 11 - Prob. 7SPPACh. 11 - Prob. 8SPPACh. 11 - Prob. 9SPPACh. 11 - Prob. 10SPPA
Ch. 11 - Prob. 1IAPACh. 11 - Prob. 2IAPACh. 11 - Prob. 3IAPACh. 11 - Prob. 4IAPACh. 11 - Prob. 5IAPACh. 11 - Prob. 6IAPACh. 11 - Prob. 7IAPACh. 11 - Prob. 8IAPACh. 11 - Prob. 9IAPACh. 11 - Prob. 1MCQCh. 11 - Prob. 2MCQCh. 11 - Prob. 3MCQCh. 11 - Prob. 4MCQCh. 11 - A renewable common resource is used sustainably if...Ch. 11 - Prob. 6MCQCh. 11 - Prob. 7MCQCh. 11 - When ITQs are assigned, the market price of an ITQ...
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Similar questions
- Radio stations, tornado sirens, light houses, and street lights are all public goods in that all are nonrivalrous and nonexclusionary. Therefore why does the government provide tornado sirens, street lights and light houses but not radio stations (other than PBS stations)?arrow_forwardWhich of the following goods or services are nonexcludable? police protection streaming music from satellite transmission programs roads primary education cell phone servicearrow_forwardA) Explain the free rider problem, and how it happens in real Use three (3) real examples. B) Explain what public goods are, and why public goods are provided by the government, using terms and details from the C) Supporting your answer with FACTS do you think the U.S. provides enough public goods are shout it provide morearrow_forward
- GOSI shopping complex has 100 stores all rented to communication shops and concerned about security. The table below shows the total costs of hiring security guards to ensure safety of customers and protect storeowners from being vandalized. The table also shows the marginal benefit to each one of the shops. Number of Total cost Marginal benefit for each shop Marginal benefit for all shops 1 300 10 2 600 4 3 900 2 4 1200 1 Explain why a security guard a public good for the shop owners at GOSI? If each shop owners act individually why zero guards will be hired Fill in the missing information in the last column in the table.arrow_forwardThe ‘free-rider’ problem makes providing public goods challenging. Briefly explain this statement. Do you think the state is more effective at providing public goods than other social units (for example, political parties or interest groups)?arrow_forwardCitizens of Veridiania love eating and looking the flowers that grow in the town center. The workers in Veridiania can spend their time planting and tending flowers to enjoy or growing food for consumption. A worker in Veridiana can grow 2 bushels of food in a day or tend 100 flowers. The 15 residents of the city are each willing to forgo the consumption of 1 bushel of food for the enjoyment of 500 extra flowers. What are the private and public goods in this example? What is the MRS=MUfood/MUflowers? (How many flowers are they willing to give up to get one more bushel of food?) What is the MRT=MCfood/MCflowers (What is the cost of one bushel of food in terms of flowers given up? Is this allocation Pareto efficient? Should workers spend more or less time planting flowers? Why? If this allocation is not P.E., is government intervention necessary? Why or why not?arrow_forward
- How do public television stations, like PBS, try to overcome the free rider problem? Define the problem, and then discuss the solutions. [Be sure to explain, what you mean by public good, and what is the free rider problem. Then use the explanation to apply to the public television situations]arrow_forward(a) Define public goods and common resources and give an example of each. What is the free-rider problem? Why does the free-rider problem induce the government to provide public goods? (b) How should the government decide whether to provide a public good? Why do governments try to limit the use of common resources?arrow_forwardName 5 public goods and explain why they are public goods.arrow_forward
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