A
The term used for the non-rival and non-excludable goods.
Concept Introduction:
Government provides certain goods and services that are available to all, and can be used by any member of public. For example street lights.
While government provides assistance mostly to the economically weaker sections of the society known, just like subsidies. Such assistance is called the transfer payments which are given through financing from the Fiscal policy of the government.
Under the fiscal policy the government collects taxes and uses this money to spend on the welfare of the people.
B
The outright grants given to individuals from the government in terms of cash or in-kind benefits are to be determined.
Concept Introduction:
Government provides certain goods and services that are available to all, and can be used by any member of public. For example street lights.
While government provides assistance mostly to the economically weaker sections of the society known, just like subsidies. Such assistance is called the transfer payments which are given through financing from the Fiscal policy of the government.
Under the fiscal policy the government collects taxes and uses this money to spend on the welfare of the people.
C
An external benefit on third parties that are not directly involved in the market transactions is to be determined.
Concept Introduction:
Government provides certain goods and services that are available to all, and can be used by any member of public. For example street lights.
While government provides assistance mostly to the economically weaker sections of the society known, just like subsidies. Such assistance is called the transfer payments which are given through financing from the Fiscal policy of the government.
Under the fiscal policy the government collects taxes and uses this money to spend on the welfare of the people.
D
The term used for the Government’s pursuit of full employment and price stability through variations in taxes and government spending.
Concept Introduction:
Government provides certain goods and services that are available to all, and can be used by any member of public. For example street lights.
While government provides assistance mostly to the economically weaker sections of the society known, just like subsidies. Such assistance is called the transfer payments which are given through financing from the Fiscal policy of the government.
Under the fiscal policy the government collects taxes and uses this money to spend on the welfare of the people.
Trending nowThis is a popular solution!
Chapter 3 Solutions
ECON: MICRO4 (New, Engaging Titles from 4LTR Press)
- 1. Why is CSR play a crucial role in attracting customers ?arrow_forward17 Which of these is true about GDP and environment protection? a. An increase in GDP means an increase in environment spending b. An increase in GDP means a decrease in environment spending c. Government spending for protecting the environment is part of GDP d. Government spending for protecting the environment is not a part of GDParrow_forwardPQ 19 The "debt service ratio" for a country is the ration of the country's ______ to _____ a. total external debt / fross domestic product b. annual interest payment on external debt / exports of services c. annual interest payments on external debt and scdeuled annual external debt repayments / export earnings d. annual interest payment on external debt /exports of earningsarrow_forward
- 5 measures taken by the government of Cameroon to ensure the sustainability of minerals and energy resources in Cameroonarrow_forward5.21 explainarrow_forward1. A tax imposed for the general purposes of the government to raise revenue for the local area needs. A. National B. Municipal C. Community D. Localarrow_forward
- 53. Suppose that a community seeks to preserve air quality, and zones a “green belt” around the city, which prevents property development within the belt. What is the most likely result of this law? a. Interest rates will increase. b. Profits will increase. c. Economic rent will increase. d. Labor income will increase.arrow_forwardWhat are some steps the government can take to encourage research and development?arrow_forwardName two public goods and explain why they are public goods.arrow_forward
- Principles of MicroeconomicsEconomicsISBN:9781305156050Author:N. Gregory MankiwPublisher:Cengage LearningPrinciples of Economics 2eEconomicsISBN:9781947172364Author:Steven A. Greenlaw; David ShapiroPublisher:OpenStax
- Principles of Economics, 7th Edition (MindTap Cou...EconomicsISBN:9781285165875Author:N. Gregory MankiwPublisher:Cengage LearningPrinciples of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningPrinciples of Microeconomics (MindTap Course List)EconomicsISBN:9781305971493Author:N. Gregory MankiwPublisher:Cengage Learning