Economic cannot be separated from political considerations or the role of government. Despite the variation and extent of governmental impact on the economy, most people concede that government has three significant and essential roles in the economy. Explain each of these roles. Explain market failures and other economic problems that market forces by themselves cannot resolve.

Q: Consider the issue of government intervention in a market economy. Please provide brief discussions…

A: Government intervention in an economy is a talk about the presence of public power which has this…

Q: _______ What term implies that there shall be no government interference in the economy?a. market…

A: Types of Economies:- 1) Market Economy:- Under market economy, all the decision related to…

Q: onfucius is a "laissez-faire" thinker--this implies an absolute--that government must never regulate…

A: Businesses are legal entity that is incorporated to earn profits.

Q: Providing public goods is a(n) economic and political function of government. economic function of…

A: In economics, goods are described as items that fulfill human wants, provide utility or usefulness,…

Q: Please elaborate on the economic role of the government under the two different economic theories of…

A: Laissez faire is a theory where there is no government intervention.Market functions on its own and…

Q: Which are benefits of a mixed market economy? Select all that apply. A mixed market economy provides…

A: The system of the market for commerce, allocation of resources, and trade where free markets tend to…

Q: For each government action, indicate the type of government activity and justification.…

A: a) New York city bans smoking in restaurants – EXTERNALITY.  Smoking in public places creates…

Q: Your non-profit has just been awarded a special government environmental clean- up grant of $90,000.…

A: The amount of the grant is $90,000. If we take the grant today, then we get $90,000. But if we wait…

Q: From the choices, please select the major factors that result in government failure. Factors leading…

A: The major factor that result in government failure are:   i) Politicians often want to make…

Q: Economists generally agree that individual consumer preferences should determine the market output…

A: Government intervention refers to the process under which government intervenes in a free market…

Q: The authority of the state, based on recognition by other states and by nonstate actors, to govern…

A: Sovereignty can be referred to as the supreme authority of a state or a country within a certain…

Q: Hong Kong is a country characterized by low tax rates and limited government services. What type of…

A: A complex network of interwoven trade, consumption, and production activities makes up an economy,…

Q: In today's economies, governments have a defined economic role, which is fundamentally oriented…

A: Governments are meant to guide and direct the pace of economic activity in a nation. It also needs…

Q: Which is NOT a proper role of a government?     To protect citizens from foreign enemies     To…

A: Government: It refers to the people who are in power and have the responsibility to help the nation…

Q: in a market economy decisions are guided by self interest. Hence, there is  a) still the ability to…

A: A market economy is a type of economic system in which forces of demand and supply control the…

Q: An economy in which production is done by primarily by the private sector while government regulates…

A: Mixed economy: A mixed economy is an economy system that combines elements of both a market economy…

Q: Question 3 During the          ["Tang", "Sui", "Song"]         dynasty, sports became less…

A: The period of the Tang dynasty was a time of rapid growth in China, where the economy flourished to…

Q: What is the government policy that supports research and development (R&D), doesn't involve the…

A: The process through which there is the creation of improved or new technologies that could help in…

Q: There are several books that cover important information to validate the fact that LOCAL government…

A: Taxation is the cycle by which a government or other taxing power powers a financial charge or duty…

Q: Based upon those notions of self-interest and public interest and the bringing of both into harmony,…

A: The market economy is one in which the forces of supply and demand determine market price and…

Q: Which of the following is correct? Government purchases of good and services include: Group of…

A: The Gross Domestic Product (GDP) measures the market value of all the final goods and services…

Q: In what way is the private economy better than the government? Select the correct answer below: the…

A: The exists market forces of demand and supply. Equilibrium in the market occurs where marginal…

Q: Considering the functions of law. Explain which function of the law is the most important. Can the…

A: It is difficult to determine which function of the law is the most important, as each function…

Q: Adam Smith believed that a nation would produce the maximum wealth by relying on government to make…

A: Adam Smith is known as the father of capitalism due to his significant contribution to the findings…

Q: Government regulation of economic and social activities permeates our lives. While regulation in…

A: For an economy, the government plays a crucial role in designing the formal and legal market…

Q: Which of the below statements does NOT fit in with the ideas expressed by Charles Wheelan in chapter…

A: In a mixed economy, the private sector has the freedom to own and control resources and to make…

Q: Which of the following was an intention of American government? Promote general welfare Secure…

A: General welfare is the concept in which local and general people are the main focus for welfare.

Q: Consider the five reform proposals suggested by the authors in this special topic. Indicate why you…

A: One explanation for the health downside of the united states relative to different high-earnings…

Q: In 18th century Europe, governments gave guilds legal authority to limit production of goods. This…

A: Forces of demand and supply decide the market price and market quantity for the consumers.