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 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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Chapter 6 Solutions
Economics: Private and Public Choice (MindTap Course List)
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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_forwardWould you please explain the reasons why we learn public economics and also mention the main role of government in our economy activities.arrow_forwardAssuming you the leader in your local government, how can you empower your constitute to be actively involved in all your activities.arrow_forward
- Left 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_forwardImagine you are working as a climate advisor to the federal government and they want to craft a bill to drastically reduce methane emissions in America. Which of the following policies would you recommend to them as the most effective in reducing methane? a. federal and state funding being directed to the western states for large scale forest management and fire prevention b. incentive programs to reduce meat production and consumption, while additionally subsidizing alternative diet options c. a nationwide waste management program focused on composting organic material to divert waste from landfills d. incentivizing solar panels to allow for affordable renewable energy that is competitive with market pricing for energy]arrow_forward
- What can government do to encourage the development of new technology?arrow_forwardCompare and contrast private and public goods. Give an example for each kind of good.arrow_forwardSuggest 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_forward
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