Macroeconomics: Principles, Problems, & Policies
20th Edition
ISBN: 9780077660772
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Chapter 5.A, Problem 2ADQ
To determine
The efficiency of voting system.
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Differentiate between a public good and common resources.
Describe one function of government in the economy other than correcting externalities. Provide an example.
True/False
Road is a type of public good.
Chapter 5 Solutions
Macroeconomics: Principles, Problems, & Policies
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- Economics Present a model of public good provision. What is the Pareto efficient quantity of the public good? How might the Pareto efficient quantity be provided in the economy?arrow_forwardWhat are “public goods”? Pick a government good/service that you consume, define what makes it a public good (how is its non-rival and non-excludable). As we discussed in class, the existence of externalities creates an efficiency problem in the provision of these goods and services. Unlike the private sector, State and Local Governments can intervene. Using the example of the public good, you have provided, please provide an example of an externality that will impact its provision, and detail how a government could/should intervene.arrow_forwardDefine public good?arrow_forward
- What is a public good? What are its two defining characteristics? Provide an example.arrow_forwardYou are required to choose a public good in the market and explain how the chosen product fits into the characteristics. Discuss the economic problems for public goods in the market and provide suggestions to overcome these problems.arrow_forwardConsider a non-rival and non-excludeable public good. The government decides whether or not to provide the good based upon a majority vote. If the good is provided all citizens pay an equal share of the cost. Evaluate the following two statements. (i) The good WILL NOT be provided if it is NOT efficient to do so. (ii) The good will be provided if it is efficient to do so. a. Both (i) and (ii) are always true. b. Neither (i) nor (ii) is always true. c. Only (ii) is always true. d. Only (i) is always true.arrow_forward
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