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Q1: Write a short note on the following models of public policy. A)Rational Model B) Incremental Model C) Elitist Model, and D) Plural Model.
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- Suppose Fischer Pond is a common-property resource—anyone can fish without having to pay for access. Locke Lake is privately owned—people who want to fish must purchase one of a limited number of permits from the lake's owner each season. According to the incentives that private ownership creates, which of the following would you expect to happen? Check all that apply. The owner of Locke Lake is likely to keep the lake clean and unpolluted. The owner of Locke Lake is likely to limit the number of fishing permits in order to maintain a plentiful stock of fish. Fischer Pond is less likely to experience a dwindling stock of fish each season.Which of the following statements is FALSE? • Choice 1 of 4:Cost-benefit analysis allows the scale of the activity to either increase or decrease. • Choice 2 of 4:Both cost-benefit and cost-effectiveness analyses construe the policy problem as involving some production relationship between resources and objectives. • Choice 3 of 4:If the Governor asks you to find the lowest-cost way for the state of Colorado to meet a minimum required air pollution abatement level, she is asking you for a cost-effectiveness analysis. • Choice 4 of 4:If the Mayor tells you he will set aside a $20 million budget spending to reduce homelessness and asks you for an analysis of what option would be the most efficient, he is asking for a cost-benefit analysis.According to public choice theory, policymakers Group of answer choices place the interests of the public above their own self-interest. are likely to pursue their own self-interest, even if their self-interest conflicts with the public interest. act in ways to maximize economic efficiency. act in ways to bring about an equitable distribution of society's wealth.
- While the Lindahl model (equilibrium) can be analogous to the market for private goods, they have interesting differences. How do we interpret Q1 in the diagram? What about S?clean water is a public benefit since it is impossible to exclude anyone from drinking it, and drinking water by one person does not affect the amount of water available for others to consume. In this situation, market failure occurs because the private market cannot deliver clean water efficiently. This is because private enterprises would be unable to charge for clean water. After all, everyone could drink it even if they did not pay for it. As a result, private enterprises would have little need to invest in supplying safe drinking water. By monopolizing the clean water market, the government can efficiently provide it. The government can charge for clean water as a monopolist, utilizing the revenue to offset costs. Suggest a relevant government policy that would yield efficient outcome. using 30 words carefully explain the process through which the implementation of the government policy will yield to optimal outcome.What are the differences between orthodox economic liberals (OELs) and heterodox economic liberals (HELs)? How do their policy prescriptions typically vary?
- Which of the following techniques is used by economists to value years of life saved by a highway safety program? Either measuring the increased income that it allows or trying to get those affected by the improved safety to reveal their willingness to pay for the reduced risk of death Trying to get those affected by the improved safety to reveal their willingness to pay for the reduced risk of death none of the other answers is correct, because economists believe that it is impossible to put a value on life Measuring the increased income that it allowsECONOMICS QUESTIONS 1d. Suppose your roommates notice that every time they leave a mess in the kitchen, you clean it up for them. How might this incentivize them to behave? What is this example an illustration of? 1e) Consider a newly discovered forest that has no regulations about what can be done with its trees. Can people be prevented from going into the forest and cutting down trees? Explain. 1f) Are the trees rival in consumption? What type of good are the trees? What would you predict to happen to this forest over time and why? What is one policy that might prevent your prediction from happening?onomics 1A Final OSA-1.pdf X + file:///C:/Users/Mpanza/Downloads/Economics 1A Final OSA-1.pdf Question 20 "It's hard for many of us to imagine a world without instant, limitless internet access. Some have even argued that it should, alongside access to clean water and electricity, be considered a basic human right”. The argument above infers that the income elasticity of demand for internet access is most likely to be... a) -5 b) -0.3 - + Automatic Zoom c) 0.18 d) 8 Question 21 The reason that Starlink is able to charge a lower monthly price for their internet service is, according to the extract...
- True/False A Well tested or widely accepted economic theory is often called an economic principleWhich of the following statements is inaccurate? Multiple Choice There is substantial agreement about how and when markets fail. There is substantial agreement about whether government improves market outcomes. Voters are quick to blame government meddling for many economic woes. Ideally, the market mechanism will lead an economy to the optimal mix of output.You are given the following information for two hypothetical schools: Triton College can teach 15 Oceanography (OCN) courses OR 5 Political Science (POLI) courses, while Capitol University can teach 28 OCN courses OR 7 POLI courses. Assume that the faculty at each school is homogeneous. a. Which is more efficient at teaching OCN? b. Which is more efficient at teaching POLI? c. Suppose that Capitol University merges with Triton College to form Capitron Academy. Draw the PPF for Capitron Academy. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.