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 2CQ
To determine
Explain the government that can afford to take a long view and private firm that has a short-term outlook.
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Economics: Private and Public Choice
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- How do natural disasters affect local economics?arrow_forwardThe examples of PRIVATE COST that relate to our life?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_forward
- If you have a private-ownership right to something, what does this mean? Does private ownership give you the right to do anything you want with the things that you own? Explain. How does private ownership influence the incentive of individuals to (a) take care of things, (b) conserve resources for the future, and (c) develop and modify things in ways that are beneficial to others? Explain.arrow_forwardLeft to its own devices, a free-market economy will not result in the level of environmental quality that people want. Firms pollute, and people make expenditures without concern for environmental consequences. We need some level of government intervention to ensure those decisions take account of other people’s concerns. However, regulation cost tax dollars and is an infringement of liberty. How can we determine how much environmental quality we want and what is the best way of getting it?arrow_forwardDescribe in your own words what you think is meant by the term sustainability. List three ways that students, faculty, and administrators are seeking to make their campuses more sustainable.arrow_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_forwardWhat are some steps to make urban development more sustainable?arrow_forwardE-government is particularly significant for the economy from a commercial perspective since it allows for the continuous and sustainable deployment of services.Make a choice from the list below.True or false? Is this statement correct?arrow_forward
- According to Adam Smith’s The Wealth of Nations, when it comes to government oversight in the free market and regulations, the less intervention, the better. Does the government play an important role in encouraging businesses to behave in an ethical manner? Explain the basis for your answer. What role do environmental laws have in a capitalistic system?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_forwardWhy are people closest to local government?arrow_forward
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