Macroeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506756
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 6, Problem 2CQ
To determine
Explain the government that can afford to take a long view and private firm that has a short-term outlook.
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Chapter 6 Solutions
Macroeconomics: Private and Public Choice (MindTap Course List)
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- As the Great Depression began in 1929, and millions of Americans found themselves in a terrible economic position, President Herbert Hoover was reluctant to involve the government in directly helping people. This decision helped lead to his loss in the presidential election of 1932. Put yourself in Hoover’s shoes—what reasons would he have for being opposed to large-scale government involvement in the economic lives of Americans? What reasons could be given for the government getting involved?arrow_forwardWhat are the two reasons why the government sometimes failed in their programs?arrow_forwardHow do government failures provide rationale and justification for public policy?arrow_forward
- What do you see as the biggest flaw in using benefit-cost analysis to guide public policy?arrow_forwardExplain whether the given statement is correct or incorrect. Government plays a important role in an economy.arrow_forwardExplain: “Politicians would make more rational economic decisions if they weren’t running for reelection every few years.”arrow_forward
- Discuss examples of the different ways that the government intervenes in the economy.arrow_forwardExplain what is the benefit of a free government.arrow_forwardOne popular way governments try to ameliorate market failures is by imposing taxes or offering subsidies. These policies change prices of goods and services so that individuals ___________ the _________ environmental effects of their production and consumption decisions. Fill in the gaps above.arrow_forward
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