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 ST7, Problem 5CQ
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There are never unintended consequences of government intervention to address market failures.
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Based on Rosen and Gayer's definition of "organic" and "mechanistic" governments, which view of government makes the most sense towards public economics
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Economics: Private and Public Choice (MindTap Course List)
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- Which of the following is a key economic function of government? a. issues passports, visas, and foreign travel advisories b. researches the causes and cures of illness and disease c. awards medals and honors for cultural achievement d. protects and enforces property rights and contracts Your friend convinced you to spend all day at the Renaissance Faire. The ticket to the Renaissance Faire cost $25 and food at the venue cost $20 Alternatively, you could have worked for 4 hours tutoring at the SAC earning $15/hour and then spent the rest of the day with your family what your opportunity cost of going to the Renaissance Faire? a. $45 b. $105 + value of time with your family c. $15 d. $60arrow_forwardIf the primary objective of government programs in each of these areas is the alleviation of some market failure, how might they be better designed?a)Farm price support; b) Oil import quotas; c) Special tax provisions for energy industriesarrow_forwardAs 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_forward
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