Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 5, Problem 11CQ
To determine
Explain the elementary education of public goods.
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Explain about the PRIVATE COST of EDUCATION.
Is education a public good? Does education have external benefits? If so, what are some of those public benefits? In your opinion are the external benefits large or small? Why?
What should government do to promote the efficient provision of products that have external benefits? If you think that government should put more resources into education, what might be some of the opportunity costs of that decision? How would an economist determine the right amount of government support for education?
Identify one market failure and explain the solution. Include the role of the government in addressing the particular problem.
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Economics: Private and Public Choice (MindTap Course List)
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- Classify each statement as a positive externality associated with education or a negative externality associated with education. Positive externalties of education Negative externalities of education Answer Bank a higher voter participation rate reduced welfare dependency an increased standard of living lower crime ratesarrow_forwardHow would an economist determine the right amount of government support for education?arrow_forwarda)Some advocates of anti-poverty programs claim that fighting poverty is a public good. Explain what these advocates mean by classifying charity as a public good. b)Why do governments tend to run programs that help the poor? Can the private sector be left to run those programs? Discuss your answer by focusing on externalities and market failurearrow_forward
- How does education, as an area of government spending, both positively and negatively impact a business?arrow_forwardDiscuss the market failure which justifies government involvement in the economyarrow_forwardIllustrate graph (s) that show about the Private Cost in education with explanation.arrow_forward
- How can government prevent market failure?arrow_forwardAs it relates to a public good, nonrivalry means that: the public sector is able to provide the good profitably. there is no need or demand for the good. either the public sector or the public sector can produce the good, but not both. one person's benefit from the good does not reduce the benefit available to others.arrow_forwardPlease give the stages of public policiesarrow_forward
- Suggest a relevant government policy in barbados that would yield the efficient outcome and carefully explain the process through which the implementation of the government policy will lead to the optimal outcome.arrow_forwardIn the presence of market failure ,the argument for government intervention is only compelling but not always beneficial. True or false, and explainarrow_forwardHow do government failures provide rationale and justification for public policy?arrow_forward
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