Economics: Private and Public Choice
16th Edition
ISBN: 9781337642224
Author: James D. Gwartney; Richard L. Stroup; Russell S. Sobel
Publisher: Cengage Learning US
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Chapter 1, Problem 2CQ
To determine
Impact of providing scarce goods.
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someone can enjoy the benefits of the good without bearing the costs.
Chapter 1 Solutions
Economics: Private and Public Choice
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- Why the governments should prioritized the end of poverty and hunger?arrow_forwardtwo economists went to the same university disagree on policies such as minimum wages or higher taxes. why do you think this is the case?arrow_forwardIs there a need for the government to talk about Economics in layman's term? Justify and explain.arrow_forward
- Scarcity means what? time and resources spent researching a cure for breast cancer are time and resources that could have been spent researching cures for lymphoma. 25 year olds might be more willing to start a family than 35 year olds. government funding of federal programs equals the amount paid in taxes. all consumers are assumed to have limited financial resources. money flows in a circle.arrow_forwardWhich of the following is most likely to be a free good? schools sunlight jeans that are sold at clearance prices a new restaurant giving away free tacos on "Taco Tuesday" as a way to kick-start its businessarrow_forwardEconomists Henry Saffer of Kean University, Frank J. Chaloupka of the University of Illinois at Chicago, and Dhaval Dave of Bentley College estimated that the government must spend $4,170 on drug control to deter one person from using drugs and that the cost one drug user imposes on society is $897. Based on this information alone, should the government spend the money on drug control?arrow_forward
- What would best explain why economics is important for understanding policies that deal with inequality and poverty? When a policy changes, people tend to change the way they behave. Poverty and inequality involve measuring income in currency. Economics gives strong moral reasons for dealing with these issues.arrow_forwardHow do economic factors such as a recession or consumers having more money impact the demand and needs of future generations?arrow_forwardWhat examples do you have of goods and services that were once luxuries, which have become necessities?arrow_forward
- How would you choose between a diamond and a bottle of water in the different scenarios described in the video? You MUST explain your answer using economic concepts you have learned in the course so far. What did you or your family do during the severe shortage of toilet paper at the beginning of the pandemic in 2020? How would you value a bag of 12 toilet paper compared to a diamond back then? Would it be different compared to during normal circumstances? Explain your answer.arrow_forwardWhy must the government should prioritize the end of poverty and hunger?arrow_forwardIf economic laws are applicable in real world?arrow_forward
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