Answered: The government should: A. Protect…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The government should:
A. Protect Property Rights and Provide infrastructure

B. Ensure Competition and that information flows freely

C. Minimize unpleasant side-effects

D. All of the above

When our resources are no allocated efficiently by the private sector using the price mechanism it is called a:
A. Property Right
B. Market Failure
C. Government Failure
D. Command-and-Control

What are the two approaches the government can take for Environmental Regulation? (Choose two)
A. Command-and-Control
B. Threaten Jail time
C. Take control of industy
D. Incentive based regulation

Expert Solution

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In a market, government can intervene due to various reasons as it's primary aim to enter the market is to stabilize the market condition.

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