Much of production and distribution involves the creation or the handling of things. a. . Is this a know how problems? b. Is this government problems? c. Is this social problem. d...All of the above
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A: Public failure could be a result of various reasons, that has been explained as follows
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A:
Q: Define social benefit.
A: In economics, there is a concept of social benefit and private benefit. Private benefit is the…
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- The laissez-faire price system a. Assures economic efficiency even when there are externalities. b. Allocates goods to those who are willing and able to pay for a good. c. Is always inefficient. d. Assures a minimum, fair standard of living to everyone.Rwanda has built the world’s first commercialized drone highway, capable of delivering supplies to remote villages that are otherwise difficult to reach. a. Rwanda’s drone highway is a a.physical b.virtual c.social network. b. In the case of the drone highway, the network good is the a.drones. b.delivery service by drones. c.benefit local residents receive from the use of the drone highway. d.supplies delivered to remote villages.A mosquito control program in a city is a A. private good B. club good C. common pool resource good D. public good
- What is a way to determine the value of a forest that remains intact? A. The number of people who visit this forest. B. How much money people would pay to protect this forest. C. The amount of money that people spend to purchase gear for camping in this forest. D. How long it takes for people to reach the forest by different modes of transportation. E. A and B. F. All of the above.QUESTION 2 The fundamental problem of economics is: a. How to get government to operate efficiently b. The scarcity of resources relative to human wants. c. How to create employment for everyone. d. The law of increasing opportunity costs. QUESTION 3 The term "externalities" refers to: a. Black-market activity. b. All costs and benefits of a market activity borne by a third party. c. Illegal economic activity. d. The impact on markets of goods imported from foreign countries.a. What type of market failure would you categorize street lights that are not working? b. Base on the question above, discuss why the type of market failure occur. c. Suggest two relevant Government policies that would yeild the efficient outcome and explain the process through which the implementation of the policies will lead to optimal out come.
- The prairie dog has always been considered a problem for American cattle ranchers. They dig holes that cattle and horses can step in and they eat grass necessary for cattle. Recently, ranchers have discovered that there is a demand for prairie dogs as pets. In some areas prairie dogs can sell for as high as $150. Cattlemen are now fencing off prairie dog towns on their land so these towns will not be disturbed by their cattle. Draw a production possibilities frontier showing a rancher's production option between cattle production and prairie dog production showing increasing opportunity cost and show what would happen in each of the following situations. (Use a separate graph for each situation.)What are market failures? Discuss examples of market failures. What can government do to improve the results of market failures?The AstraZeneca vaccine is considered to be what type of good? * a.Private Good b.Demerit Good c.Public good d.Merit Good
- Barbary macaques are the only population of wild monkeys that remain in Europe. a. Barbary macaques are subject to the a.free rider problem b."tragedy of the commons" . b. Maintenance of the Barbary macaque population is paid for by a.Gibraltar’s government using tax dollars. b.the Gibraltar Ornithological & Natural History Society. c.the British military stationed in Gibraltar. d.private companies in Gibraltar.Governments may intervene in a market economy in order toa. protect property rights.b. correct a market failure due to externalities.c. achieve a more equal distribution of income.d. All of the above.Socialization is defined as ________. A. the process of adjusting and adapting to a culture other than one's own B. none of the rest is correct. C. a situation or event in which a cultural misunderstanding puts some human value at stake D. the process of segregating people into different racial groups in a society E. the process of learning the rules and behavioral patterns appropriate to one's given society