Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 25.3, Problem 3QQ
To determine
Ways of increasing standard of living and its drawback.
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Using your own example explain how the macroeconomic objectives of a government might conflict.
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Explain whether the given statement is correct or incorrect.
Government plays a important role in an economy.
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Principles of Economics, 7th Edition (MindTap Course List)
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- what can the government do to provide awareness and knowledge about people who are not literate in economics or don't have background on it?arrow_forwardDescribe the public policy cycle? Support your answer with examples.arrow_forwardIs there a need for the government to talk about Economics in layman's term? Justify and explain.arrow_forward
- What sectors of the economy do you believe the government should take an increasing role, and what areas are they involved in you believe they should have a decreasing role? Why? Please back up replies with economic theory.arrow_forwardIn today's economies, governments have a defined economic role, which is fundamentally oriented towards regulating private activities, subsidizing private activity and promoting investment and employment generation. Specifically, which of the following alternatives corresponds to the economic role(s) of governments in a market economy?I. Increase efficiency by ensuring competition, reduce externalities such as pollution, and provide public goods.II. To promote equity by using tax and spending programs to redistribute income in favor of certain groups.III. set a price ceiling on goods and services.Select one:a. I only.b. Only II.c. I and II.d. III only.e. I and III.arrow_forwardWhat is NOT a reason for governments to fund education? multiple choice The democratic political system relies on an educated citizenry to operate effectively. More educated people earn more and pay higher taxes. More educated people are more likely to contribute to technological development. More educated people can afford to live in bigger houses.arrow_forward
- Sometimes political needs override economic needs. For example, bringing inflation under control may call for a politically difficult period of high unemployment and low growth. Or, in an election year, politicians may resist raising taxes to curb inflation.arrow_forwardGenerally speaking, which type of government is associated with greater economic freedom? A) socialism B) theocracy C) totalitarianism D) democracy E) dictatorialarrow_forwardWhat economic zone set by countries such as China and Indonesia can be seated as an example of neoliberalism as an exception and what are the implications for the future role of the state?arrow_forward
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