3.1. (Government) Complete each of the following sentences: a. When the private operation of a market leads to overproduction or underproduction of some good, this is known as a(n) _________________. b. Goods that are nonrival and nonexcludable are known as __________________. c. ________________ are cash or in-kind benefits given to individuals as outright grants from the government. d. A(n) ________________ confers an external benefit on third parties that are not directly involved in a market transaction. e. ________________ refers to the government’s pursuit of full employment and price stability through variations in taxes and government spending.
3.1. (Government) Complete each of the following sentences: a. When the private operation of a market leads to overproduction or underproduction of some good, this is known as a(n) _________________. b. Goods that are nonrival and nonexcludable are known as __________________. c. ________________ are cash or in-kind benefits given to individuals as outright grants from the government. d. A(n) ________________ confers an external benefit on third parties that are not directly involved in a market transaction. e. ________________ refers to the government’s pursuit of full employment and price stability through variations in taxes and government spending.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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3.1. (Government) Complete each of the following sentences:
a. When the private operation of a market leads to overproduction or underproduction of some good,
this is known as a(n) _________________.
b. Goods that are nonrival and nonexcludable are known as __________________.
c. ________________ are cash or in-kind benefits given to individuals as outright grants from the
government.
d. A(n) ________________ confers an external benefit on third parties that are not directly involved
in a market transaction.
e. ________________ refers to the government’s pursuit of full employment and price stability
through variations in taxes and government spending.
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