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QUESTION ONE Explain the term market failure and give two examples. а. b. Explain four (4) main roles of the government in solving the inefficiencies of the market. c. What is the difference between a private good and a public good?

QUESTION ONE Explain the term market failure and give two examples. а. b. Explain four (4) main roles of the government in solving the inefficiencies of the market. c. What is the difference between a private good and a public good?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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QUESTION ONE a. Explain the term market failure and give two examples. b. Explain four (4) main roles of the government in solving the inefficiencies of the market. c. What is the difference between a private good and a public good? QUESTION TWO A. The strict definition of money (that is M1) is currency plus demand deposits. Why are savings deposits excluded? B. Monetary policy is superior to fiscal policy as a method of controlling the economy. Discuss QUESTION THREE A. To what extent would you consider GNP as a measure of economic welfare? B. What is the difference between Gross Domestic Product (GDP) and GROSS National Product (GNP)? Would this difference be large or small for a developing country? Defend your stand and give examples QUESTION FOUR A. What are the cost and benefits of inflation? Do the benefits of inflation ever justify a government allowing inflation to continue in an economy? B. Discuss the economic argument that government should curb the power of trade unions.
Transcribed Image Text:QUESTION ONE a. Explain the term market failure and give two examples. b. Explain four (4) main roles of the government in solving the inefficiencies of the market. c. What is the difference between a private good and a public good? QUESTION TWO A. The strict definition of money (that is M1) is currency plus demand deposits. Why are savings deposits excluded? B. Monetary policy is superior to fiscal policy as a method of controlling the economy. Discuss QUESTION THREE A. To what extent would you consider GNP as a measure of economic welfare? B. What is the difference between Gross Domestic Product (GDP) and GROSS National Product (GNP)? Would this difference be large or small for a developing country? Defend your stand and give examples QUESTION FOUR A. What are the cost and benefits of inflation? Do the benefits of inflation ever justify a government allowing inflation to continue in an economy? B. Discuss the economic argument that government should curb the power of trade unions.
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