Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
expand_more
expand_more
format_list_bulleted
Textbook Question
Chapter 18, Problem 20CTQ
To ensure safety and efficacy, the Food and Drug Administration regulates the medicines that pharmacies are allowed to sell in the United States. Sometimes this means a company must test a drug for years before it can reach the market. We can easily identify the winners. in this system as those who are protected from unsafe drugs that might otherwise harm them. Who ate the more anonymous losers who suffer from strict medical regulations?
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Who are the mercantilists? What policies did they advocate and how did they expect these policies to be achieved?Explain the problems associated with their policies.
H10.
In-country 2, each month everyone is sent $7000 by the government, and no one can earn anything above that income (although they can spend it on whatever they want). In-country 3, there is a small percentage of people that make $100,000 a month, but everyone else earns between $6,000 and $10,000 a month.
Which of the two countries would John Rawls argue is more just? Using evidence from the class and readings, why or why not?
How did capitalism change lives for the better? How did it impact lives negatively? In what ways has capitalism played out well, and in what ways has it failed
Chapter 18 Solutions
Principles of Economics 2e
Ch. 18 - Based on the theory of rational ignorance, what...Ch. 18 - What is the cost of voting in an election?Ch. 18 - What is the main factor preventing a large...Ch. 18 - Why might legislators vote to impose a tariff an...Ch. 18 - True or false: Majority rule can fail to produce a...Ch. 18 - Anastasia, Emma, and Greta are deciding what to do...Ch. 18 - Suppose there is an election for Soft Drink...Ch. 18 - How does rational ignorance discourage voting?Ch. 18 - How can a small special interest group win in a...Ch. 18 - How can pork-barrel spending occur in a situation...
Ch. 18 - Why do legislators vote for spending projects in...Ch. 18 - Why does a voting cycle make it impossible to...Ch. 18 - How does a government agency raise revenue...Ch. 18 - What are some reasons people might find acquiring...Ch. 18 - What are some possible ways to encourage voter...Ch. 18 - Given that rational ignorance discourages some...Ch. 18 - When Microsoft was founded, the company devoted...Ch. 18 - Representatives of competing firms often comprise...Ch. 18 - Special interests do not oppose regulations in all...Ch. 18 - To ensure safety and efficacy, the Food and Drug...Ch. 18 - How is it possible to bear a cost without...Ch. 18 - Is pork-barrel spending always a bad thing? Can...Ch. 18 - The United States currently uses a voting system...Ch. 18 - What are some alternatives to a first past the...Ch. 18 - AT10 million dollar. Lobbying Congress to block...Ch. 18 - Occupy Wall Street was a national (and later...Ch. 18 - Say that the government is considering a ban on...
Additional Business Textbook Solutions
Find more solutions based on key concepts
Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, ...
Principles of Accounting Volume 1
E2-13 Identifying increases and decreases in accounts and normal balances
Learning Objective 2
Insert the mis...
Horngren's Accounting (11th Edition)
Define cost object and give three examples.
Cost Accounting (15th Edition)
Discussion Questions 1. What characteristics of the product or manufacturing process would lead a company to us...
Managerial Accounting (4th Edition)
Explain why group decision-making can be more effective than individual decision-making.
Principles of Management
Ravenna Candles recently purchased candleholders for resale in its shops. Which of the following costs would be...
Financial Accounting (12th Edition) (What's New in Accounting)
Knowledge Booster
Similar questions
- How are today’s business leaders like the robber barons of the 19th century? How are they different? In what ways has the work of Jeff Bezos, Bill Gates, and Mark Zuckerberg benefited society?arrow_forwardWhat type of society did Karl Marx believe was fair to all workers? Marx believed the upper, middle, and lower classes should be defined by society. Marx believed factory owners should keep all profits rather than distributing them to the workers. Marx believed that a capitalist economy had the most benefits for workers. Marx believed a classless society was fair to all workers and could be achieved by developing a command economy.arrow_forwardHow does China's one-child policy show the influence government can have on a population?arrow_forward
- How do major issues that emerged in the 1980's- for example AIDS, The War On Drugs, and mass incarceration- impact our society today?arrow_forwardAnalyze three ways that societies can organize themselves economically. Justify reasons most modern countries’ economies are a mix of command and market types.arrow_forwardThe National Health Service (NHS) in the UK was founded in 1948 and was the first state-run free health service in the world. It originated at a time of national euphoria following victory in World War II, which generated a sense of confidence and solidarity among politicians and public. In particular it was felt that class distinctions were finally disappearing. The extensive rationing of products, both during and after the war, played a big part. Not only did this result in queuing for goods by rich and poor alike, but it gave the government a sense that state control of distribution was not only possible but in many cases desirable. The basic objective was to provide all people with free medical, dental and nursing care. It was a highly ambitious scheme that rested on various premises that have since proved flawed. These were: 1 The demand for health care was finite; it was assumed that some given amount of expenditure would satisfy all of the nation’s health wants. 2 Health care…arrow_forward
- 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?arrow_forwardNancy returns to school to study medicine. After graduating during an economic boom, she spends six months looking for a job. During this period, she is considered...arrow_forwardScenario: A country has been suspected of ethnic cleansing or genocide, and the United Nations is considering intervention. The current government is a totalitarian dictatorship. Is it ethically permissible to impose democracy on an undemocratic regime? Why, or why not? Explain why you think the action proposed in this scenario is or is not ethically permissible. Describe how culture influences your opinion about this. Explain how your ethical frameworks influence your opinion about this.arrow_forward
- 35 of 178 countries—about 20 percent—grant their residents significant economic freedom. The rest do not. Looking for explanations applies various analytics. One prominent explanation is that in some countries, notably western markets, ___________ (praise OR Criticism; select ONLY one that applies) for/of the virtues of economic freedom has turned to _____________ (concern or disregard; select ONLY one that applies) of its deficiencies. In others, notably emerging economies, we see the ______________ (opposite OR Same) sorts of circumstances.arrow_forwardWhat do you see as the strongest moral consideration in favor of capitalism? What do you see as the strongest objection to it? How capitalist is our economic system today? What do you see as the major economic challenges facing our society today and, in particular, your generation?arrow_forwardA market economy seems to be able to satisfy customers who have different tastes in cars. Whether you want a big car, small car, red car or blue car, as long as you are willing to pay for it, you can find the car you desire. But with protective services (police), the market doesn’t seem to work as well. If you want lots of police attention, or little police protection, whether you want them to carry guns or not, whether you want them to prevent drug sales or not, none of us seem to be able to get the exact protection services that we are willing to pay for. Using economic reasoning, can you explain why the market can provide for many different tastes in cars, but not for many different tastes in protective servicesarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Macroeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506756Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...EconomicsISBN:9781305506893Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Macroeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506756
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
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