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 6, Problem 13CQ
To determine
The government operated firms.
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Economics: Private and Public Choice (MindTap Course List)
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- How do taxes influence the four sector model?arrow_forwarda. The nation of Alphaville has been hunting their deer population to extinction. The government decrees strict limits on the number of hunters, and on the number of rounds of ammunition that each hunter can take into the hunt. Hunters, like fishermen, are a creative lot: What will “capital stuffing” look like in this case? b. What would an individual transferable quotas (ITQ) system look like in this case? c. Do real governments use quotas like this to control deer populations? If you don’t know the answer, just ask your classmates: There’s probably a hunter or two in your course.arrow_forwardplease quickly i just need the answer thanks ! 36 Which of the following is NOT a political or government variable?a.Special tariffsb.Attitudes toward governmentc.Import-export regulationd.Lobbying activitiesarrow_forward
- It is more complex than simply producers lose and workers gain.Who are the winners and who are the losers, and what exactly do they win and lose?To what extent does the policy change achieve its goals?arrow_forwardWhat is the relationship between economic prosperity and democracy? a)The probability that a new democracy is stabile is higher in more prosperous countries b)Economies in democratic states grow more rapidly than economies in non-democracies c)The probably that a democracy is overthrown in a coup increases as prosperity goes up d)Authoritarian regimes are less dependent on economic prosperity for their survival than democraciesarrow_forwardEvery modern society has a government of some sort, and every society has an economy as well. But how do the government and the economy intersect in society? That debate is prevalent in the United States today: how much influence should the government have on businesses, workers, and the economy? Some people say that the government should not have much influence on the economy—only the minimum necessary to ensure that society functions well. Others say that the government should ensure fair and equitable distribution of resources for all companies and workers. Still others say that the role of the government falls somewhere between those two extremes. You can start thinking about the intersection of government and the economy in the United States by considering your everyday life. From the time you get up in the morning until you go to bed at night, what contacts do you have with the government? Which of those contacts are related to the economy?arrow_forward
- Comment on or explain: a. Endowing everyone with equal income will make for very unequal enjoyment and satisfaction. b. Equality is a “superior good”; the richer we become, the more of it we can afford. c. The mob goes in search of bread, and the means it employs is generally to wreck the bakeries. d. Some freedoms may be more important in the long run than freedom from want on the part of every individual. e. Capitalism and democracy are really a most improbable mixture. Maybe that is why they need each other—to put some rationality into equality and some humanity into efficiency. f. The incentives created by the attempt to bring about a more equal distribution of income are in conflict with the incentives needed to generate increased incomearrow_forwardGiven that most entrepreneurial start-ups fail, why do entrepreneurs start so many new firms? Why are (most) governments interested in promoting more start-ups?arrow_forwardWhich of the following are Adam Smith's Dos? A. Protect society from violence and invasion of other countries B. Establish safety net programs to protect citizens C. Establish an exact administration of justice D. Erect and maintain public works and institutions where private enterprise could not profit from doing soarrow_forward
- Use a production-possibility curve to show how resource growth and improvement in technology can allow a nation to increase its production of government goods and services while also increasing its output of private goods and services. please dont copy paste and no plagirismarrow_forwardThe government tells your factory that it has a five-year plan to make iron 1. What kind of economic system is this talking about? 2. It is four years into your plan and your factory will fall short on it’s goal. What could you do to catch up in the last year?arrow_forwardConsider an economy with a coconut producer, a restaurant, and a govern- ment. The coconut producer produces 10 million coconuts, which are sold for $2 each, generating a revenue of $20 million. The coconut producer pays wages of $5 million to its workers, $0.5 million interest on a loan to some consumers, and $ 1.5 million in taxes to the government. The restaurant buys 6 million coconuts, and the remaining 4 million coconuts are directly bought and consumed by consumers. The restaurant uses coconuts to produce meals that generate a revenue of $30 million. The restaurant pays its workers $4 million in wages, and the government $3 million in taxes. Consumers work for the coconuts producer, restaurant and the government, earning a total of $14.5 million in labour income ($9 million in wages from the private sector, and $5.5 million from the government). They also earn $24 million in after-tax profits (dividends) from the producers, in addition to the interest income of $0.5 million…arrow_forward
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