WK 4_Assessment

Through economic reasoning, explain the interrelationship with markets and government, while keeping the following statements in mind:   Markets are useful, efficient and flexible institutions through which society can allocate its resources. Markets often produce unwanted results, such as pollution, lack of health care and poverty. Government can play a useful role to remedy the problem of unwanted results created by markets.   Thank you so much for answering my question :) I appreciate the time and effort! I hope you have a good rest of the day/night!

According to George Akerlof, the fundamental reason for market failure is Moral hazard Adverse selection Transportation costs Endogenous prices Asymmetric information   In many African households, plots controlled by women are farmed much less intensively than similar plots within the household controlled by men, which suggests that…: [Select one] these households have unitary preferences. these households behave as single, homogenous units. these households are maximizing their productivity. these households are characterized by intrahousehold power asymmetries.

QUESTION 16 16. Entering patient health care data into a database accessible to health care professionals across the medical profession and a wide region increases the ability to apply artificial intelligence to diagnostics and treatment of diseases. This is an example of a) Negative consumption externality. b) Positive consumption externality. c) Negative production externality. d) Positive production externality. QUESTION 17 17. Which of the following is an example of a negative consumption externality? a) water pollution impact of a paper plant b) honey production and pollination of fruit trees c) second-hand smoke d) vaccination against a communicable disease e) none of the above

PLEASE ANSWER C Economics of Education. The issue of education is quite critical. The demand for education by society is high.On the other hand, it is demanded that the schools only charge low tuition fees since schools serve a socialfunction. Thus, more often than not, tuition fee ceilings are imposed to assure students of lower prices for this“commodity”. Two common solutions are proposed to address the likely problem of excess demand foreducational services (ES) in the event of a tuition fee ceiling is imposition: (i) operation of public schools (e.g.,free public high school); (ii) government subsidy to private education.Find the solutions to the problems below: where:D = demand for educational servicesS = supply of educational servicesTF or P = tuition fee or price of education (‘000 pesos)Q = quantity of educational services expressed in ‘000 studentsavailing themselves of such servicesSuppose we let: S: TF or P = 1 + 0.5 QD: TF or P = 15 – 2Qa. Solve for the equilibrium price and…

what is the role of government in bringing about Pareto-efficiency

The government uses several tools to implement environmental regulation. For example, mandatory production standards are designed to prevent companies from damaging a public good such as air or water. Emission taxes that create financial incentives for industries to reduce known pollutants, for example, from oil and coal production, are used to reduce negative externalities. The government can also force a company that causes an environmental problem to clean it up, thus solving the free rider problem. Nevertheless, government regulation imposes costs on society: Higher production costs due to regulation may be passed on to households in the form of higher prices, which—if large enough—can harm the economy. Legislation and its enforcement increase the size and cost of government. What type of analysis does government engage in to protect public goods? Explain using economic terms. What is government goal?

What are the ways (at least 3) on how to mitigate the market failure in the economy. NOTE: causes of market failure are the following: positive and negative externalities, environmental concerns, lack of public goods, the underproduction of merit goods, over provisions of merit goods and abuse of monopoly power. (The answer should be connected to this)

3:18 Edit X 50 REE 324 - ENVIRONMENTAL ECONOMICS Review Exercise on Market Equilibrium, Market Failure, Externalities and Elasticities 1. Economics of Education. The issue of education is quite critical. The demand for education by society is high. On the other hand, it is demanded that the schools only charge low tuition fees since schools serve a social function. Thus, more often than not, tuition fee ceilings are imposed to assure students of lower prices for this "commodity". Two common solutions are proposed to address the likely problem of excess demand for educational services (ES) in the event of a tuition fee ceiling is imposition: (i) operation of public schools (e.g., free public high school); (ii) government subsidy to private education. where: Find the solutions to the problems below: D=demand for educational services S = supply of educational services Suppose we let: S: TF or P = 1 + 0.5 Q D: TF or P = 15-2Q TF or P = tuition fee or price of education ('000 pesos)…

The following diagram shows the market for medical checkup.   What are the equilibrium price and quantity of medical checkup?  Which kind of externality problems exists in the market for medical checkup? How does this externality problem affect the efficiency of the market? Explain in detail.  How can the government solve this externality problem? Explain in detail.

Question 3 During the          ["Tang", "Sui", "Song"]         dynasty, sports became less orientated towards military training and more geared toward entertainment. The culture of consumerism in China that supported public displays of athleticism is reflected in the fact that China produced    ["30%", "50%", "75%"]     of the global GDP.     Question 4 The cloistered government that the textbook discusses as being characteristic in Japan is about how former emperors who became Buddhist monks would then rule through their young son/heir. Group of answer choices True/False

Which of the following refers to an economy which most economic decisions are made by the government and not by buyers and sellers who may be individuals or firms?         Financial Capital markets       Free markets         Command economies     Market-Oriented economies

Governments sometimes provide social programs universally to everyone, and sometimes government social programs are means-tested.  Briefly describe means-testing, and discuss at least one advantage and at least one disadvantage of this approach compared to universal provision.

Governments generally want people to get immunised against highly contagious viruses suchas COVID-19. Nonetheless many people refuse to take the vaccination jab, because theyoverestimate the likelihood of side effects, or because they are complacent about gettinginfected or the severity of symptoms they might experience. They also might not care orunderstand that their immunity protects others. Use the theories of market failure andgovernment intervention to analyse the motives of government, the anti-vax phenomenonand their consequences. What, if anything should government do to make more people getvaccinated? What would be the problems with such interventions?

In today's economies, governments have a defined economic role, which is fundamentally oriented towards regulating private activities, subsidizing private activity and promoting investment and employment generation. Specifically, which of the following alternatives corresponds to the economic role(s) of governments in a market economy?I. Increase efficiency by ensuring competition, reduce externalities such as pollution, and provide public goods.II. To promote equity by using tax and spending programs to redistribute income in favor of certain groups.III. set a price ceiling on goods and services.Select one:a. I only.b. Only II.c. I and II.d. III only.e. I and III.

Consider three ways of helping poor people to buy food, clothing, and shelter. The first way is to pass laws setting price ceilings to keep these basic goods affordable. The second is to have the government distribute coupons that give poor people a discount when they buy these necessities.  The third is for the government to distribute income to poor people. Explain which programme is more likely to have a Pareto-efficient outcome, and explain why the other programmes are less likely to be Pareto-efficient.

adequately protected. Private property rights do not conflict with human rights. They are human rights. Private property rights are the rights of humans to use specified goods and to exchange them. Any restraint on private property rights shifts the balance of power from impersonal attributes toward personal attributes and toward behavior that political authorities approve. That is a fundamental reason for preference of a system of strong private property rights: private property rights protect individual liberty. Armen A. Alchian is an emeritus professor of economics at the University of California, Los Angeles. Most of his major scientific contributions are in the economics of property rights. Which of the following are a violation of a person's property rights: Government using eminent domain laws to force the sale of property Zoning laws which prevent commercial buildings to be built in residential neighborhoods Regulations which prevent loud exhausts on automobiles Affordable…

Q1. Discuss the concept of homoeconomus with adequate examples. How does it help create an equilibrium in society

As most countries are dealing with the second wave of coronavirus,policy makers are faced with a trade-off between maximizing social distancing measures to suppress the disease & the need to maintain some sense of normal economic activity.Some pundits claim this to be a classic example of equity-efficiency trade-off in economic policies.As an expert in Economic Analysis & policy what do you think?

For each government action, indicate the type of government activity and justification. Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. a) New York City bans smoking in restaurants. ? Externality ? Public good ? Market regulation ? Redistribution b) Congress renews the food stamp program, which gives poor people access to groceries at a discount. ? Externality ? Public good ? Market regulation ? Redistribution Next> 23 of 67 < Prev W to search

Clearly state the application of the benchmarking concept on social policy implementation

Based upon those notions of self-interest and public interest and the bringing of both into harmony, according to Adam Smith, how would a market economy accomplish that harmony about which he describes? What is government's place in that market economy?

1.Suppose you were a benign government who wanted to improve Angela’s situation, but without sacrificing the aim of Pareto Efficiency. One policy advisor tells you that all you need to do to achieve this is to improve Angela’s reservation option. Is this correct?