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 6, Problem 16CQ
To determine
Explain the ‘safety and effective’ criterion.
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Economics: Private and Public Choice
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- The total cost of government regulations in the U.S. manufacturing sector was estimated by the National Association of Manufacturers to be about $2 trillion in 2012, or $15,400 per family. a. Do their findings mean that the United States had too many regulations? Yes. Very few families would be willing to pay $15,400 of their own money to keep the regulations that are in place. Yes. These direct regulations could be replaced by more efficient market incentive plans. No. Even if one life is saved, $15,400 is a small price to pay for increased safety. No. The "right" number of regulations is a normative issue; one could argue that the price society would pay for the ill effects of non-regulation would be greater than $2 trillion. b. How would an economist decide which regulations to keep and which to do away with? Each regulation must be examined in terms of marginal cost and marginal benefit to see whether it is worthwhile. An economist would eliminate almost all of the regulations in…arrow_forwardWhat are the pros and cons and constitutionality of voter ID laws?arrow_forwardEnvironmental regulation was discussed for cases in which the market is unable to price risk correctly. In those cases, regulatory agencies are often tasked with evaluating risk and with administrating any regulations imposed. What does Public Choice Theory suggest might be the outcome of these bureaucratic processes in terms of the optimal level of regulation? Why?arrow_forward
- Consider the five reform proposals suggested by the authors in this special topic. Indicate why you believe each is either a good or a bad idea. Explain your answers.arrow_forwardWhat are the two reasons why the government sometimes failed in their programs?arrow_forwardWe know that lobbyists can influence campaigns, elections, and public policy. A good definition of lobbying is: Group of answer choices A person or group of people who are paid by the federal government to do analysis of what people in America care about so that correct public policies can be created. The act of lawfully attempting to influence the actions, policies, or decisions of government officials A person or group of people who talk to legislators and help them implement public policy. A person or group of people who are paid by legislators to help them implement public policy.arrow_forward
- What are the strategies that our goverment might consider to improve public safetyarrow_forwardProvide a subsidy for the vaccination Government produces and operates vaccination centers, where vaccines are provided at no charge. Impose a regulation, requiring the people of the nation to get the vaccination Explain the potential unintended consequences of each one of these polices. Which policy would you enact and why?arrow_forwardWhat is the market failure that justifies goverment involvement in the economy?arrow_forward
- As the Great Depression began in 1929, and millions of Americans found themselves in a terrible economic position, President Herbert Hoover was reluctant to involve the government in directly helping people. This decision helped lead to his loss in the presidential election of 1932. Put yourself in Hoover’s shoes—what reasons would he have for being opposed to large-scale government involvement in the economic lives of Americans? What reasons could be given for the government getting involved?arrow_forwardHow might special interest groups and lobbyists influence campaigns and elections? Group of answer choices political party and influence legislation. They go door to door educating voters on campaign and election issues. While they do not participate in elections, they exercise a lot of influence through their relationships with elected officials. When politicians are elected to office, members of special interest and lobbyists take jobs working for that politician and in this way influence their work, campaigns, and elections.arrow_forwardwhy should regulatory regimes be proportionate and real timearrow_forward
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