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- In what ways (it) company investments in research and development create positive externalities?Public policy refers to the outputs of governmental institutions. O True O FalseMarket failure can be caused by Select one: O a. externalities and market power O b. government intervention and price controls Oc. low consumer demand O d. high prices and foreign competition
- Explain how a government can use a tax on dry cleaning to bring about the efficient level of production. OA. The government can use a tax to decrease the marginal private benefit of consuming dry cleaning to equal the marginal social benefit. OB. The government can use a tax to decrease the marginal social cost of producing dry cleaning to equal the marginal private cost. OC. The government can use a tax to increase the marginal private cost of producing dry cleaning to equal the marginal social cost OD. The government can use a tax to increase the marginal private benefit of consuming dry cleaning to equal the marginal social benefit. OE. The government can use a tax to decrease the marginal private cost of producing dry cleaning to equal the marginal social cost What should the value of the tax be? The tax should be $ per unit (Enter your response rounded to two decimal places) How large is the deadweight loss (in dollars) from excessive dry cleaning, according to the figure? The…Market failure can be caused by Select one: O a. government intervention and price controls Ob. externalities and market power Oc. low consumer demand O d. high prices and foreign competition'think about the goods and scrvia,s provided by yourlocal govenuncnta. Using the classification in Figure 1, exp la.in wruchcategory each of the following goods falls into:• police protection• snow plo,-.ring• education• rural roads• city streetsb. Why do you think the government provides itemsthat a,e not public goods?
- tudy Tools s ss Tips s Tips Point A TAX REVENUE (Billions of dollars) C D 20 Complete the following table by indicating what the government should do in order to maximize tax revenues if it is operating at each of the points listed. + OOO с $ INCOME TAX RATE (Percent) xo Raise Tax Rates Lower Tax Rates Keep Current Tax Rates O O O ooo 100 % MacBook Pro G Search or type URL & * O ( O C 11 A-ZCost-benefit analysis is important to determine the role of government in our economy because Select one: a. cost-benefit analysis identifies the possible gains to society from government provision of a particular good. O b. cost-benefit analysis is the best tool to identify market failures. O c. markets for private goods cannot effectively assign costs and benefits. O d. the government should provide all goods for which the benefits exceed the costs.Refer to the above table and answer the question on the basis of the given information for a public good. TH Quantity 1 PR $10 Ps $8 2 7. 7 3 5 6 4 3 5 1 4 PRand Psare the prices that Rafael and Sarah, respectively, are willing to pay for the marginal unit of a public good, rather than do without it. Rafael and Sarah are the only members of society. Now suppose the public good can be provided by the government at a constant marginal cost of $10. The optimal quantity of the public good is: 1) 1 unit. 2) 2 units. 3) 3 units. 4) 4 units. vonlst
- 2 In each of the following areas, give one or more examples (where possi- ble) in which the government is involved as a producer; a regulator; a pur- chaser of final goods and services distributed directly to individuals or used within government: a Education b Utilities c Transportation d Credit markets e Insurance markets f Food g HousingSuppose that a mayor of a large city believes strongly that education provides great benefits to the community andurges the state government to provide the district with more money. An economist would say that this reflects theMayor's belief that:Asince teachers are overpaid, the district needs more money to hire enough teachers for its classrooms.Bthere are positive external benefits associated with education.Cthere are nontrivial external costs associated with education.Dpublic schools provide a higher quality education than private schools.Corporations exist as legal entities with certain advantages (such as limited liability)because society allows them to do so, and these corporate rights and advantages can beremoved from firms that are perceived to be irresponsible. Companies that think abouttheir social responsibility in this light are engaging in CSR for what type of reasons? O. StrategicO. RegulatoryO. EthicalO. Pragmatic