Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
8th Edition
ISBN: 9781337607735
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 1, Problem 7PA
To determine
The given situation explain equity or efficiency?
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Students have asked these similar questions
Explain whether each of the following government activities is motivated by a concern about
equality or a concern about efficiency. In the
case of efficiency, discuss the type of market
failure involved.
a. regulating cable TV prices
b. providing some poor people with vouchers
that can be used to buy food
c. prohibiting smoking in public places
d. breaking up Standard Oil (which once
owned 90 percent of all oil refineries) into
several smaller companies
e. imposing higher personal income tax rates
on people with higher incomes
f. instituting laws against driving while
intoxicated
Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system. a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area. b. Shops stock and sell the goods their customers want but the government levies a sales tax on each transaction in order to fund elementary schools, public libraries, and welfare programs for the poor. c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.
Which of the following is the type of government where most power belongs to states or provinces and the national government is weak?
A. An association
B. A confederation
C. A league
D. An Alliance
Chapter 1 Solutions
Bundle: Principles of Economics, Loose-leaf Version, 8th + LMS Integrated MindTap Economics, 2 terms (12 months) Printed Access Card
Ch. 1.1 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.3 - Prob. 3QQCh. 1 - Prob. 1CQQCh. 1 - Prob. 2CQQCh. 1 - Prob. 3CQQCh. 1 - Prob. 4CQQCh. 1 - Prob. 5CQQCh. 1 - Prob. 6CQQCh. 1 - Prob. 1QR
Ch. 1 - Prob. 2QRCh. 1 - Prob. 3QRCh. 1 - Prob. 4QRCh. 1 - Prob. 5QRCh. 1 - Prob. 6QRCh. 1 - Prob. 7QRCh. 1 - Prob. 8QRCh. 1 - Prob. 9QRCh. 1 - Prob. 10QRCh. 1 - Prob. 1PACh. 1 - Prob. 2PACh. 1 - Prob. 3PACh. 1 - Prob. 4PACh. 1 - Prob. 5PACh. 1 - Prob. 6PACh. 1 - Prob. 7PACh. 1 - Prob. 8PACh. 1 - Prob. 9PACh. 1 - Prob. 10PACh. 1 - Prob. 11PA
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Similar questions
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- h. A $1,200 stimulus check sent to households by the government as COVID reliefarrow_forwardExplain what is the benefit of a free government.arrow_forwardWhich statement best describes economic freedom? Sara would like a new green shirt, but she is only permitted to buy red shirts in her town. Sally wants to buy a new car, so she goes to a dealership to make the purchase. Sam needs sugar to bake a cake, but he has already used the set amount of sugar that he was given by the government. Tom would like to purchase a new book, but the one he wants has been banned by the government.arrow_forward
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- 1. The film elaborates and mocks ideological justifications for capitalism. What were some of the claims for why capitalism is so good?arrow_forwardMr. Saeed Ahmed loves watching sports channel on his local public TV station, but he never sends any money to support the station during its fund-raising drives. What name do economists have for people like Mr. Saeed Ahmed? b. How can the government solve the problem caused by people like Mr. Saeed Ahmed? c. Can you think of ways the private market can solve this problem? How does the existence of cable TV alter the situation?arrow_forwardWhich of the following is a key economic function of government? a. issues passports, visas, and foreign travel advisories b. researches the causes and cures of illness and disease c. awards medals and honors for cultural achievement d. protects and enforces property rights and contracts Your friend convinced you to spend all day at the Renaissance Faire. The ticket to the Renaissance Faire cost $25 and food at the venue cost $20 Alternatively, you could have worked for 4 hours tutoring at the SAC earning $15/hour and then spent the rest of the day with your family what your opportunity cost of going to the Renaissance Faire? a. $45 b. $105 + value of time with your family c. $15 d. $60arrow_forward
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