Solution Found!

Economics / Principles of Microeconomics 7 / Chapter 1 / Problem 8

Principles of Microeconomics | 7th Edition | ISBN: 9781285165905 | Authors: N Gregory Mankiw

Change Question

Explain whether each of the following government

Chapter , Problem 8

(choose chapter or problem)

Get Unlimited Answers

QUESTION:

Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure involved. a. regulating cable TV prices b. providing some poor people with vouchers that can be used to buy food c. prohibiting smoking in public places d. breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies e.imposing higher personal income tax rates on people with higher incomes f. instituting laws against driving while intoxicated

Questions & Answers

QUESTION:

Explain whether each of the following government activities is motivated by a concern about equality or a concern about efficiency. In the case of efficiency, discuss the type of market failure involved. a. regulating cable TV prices b. providing some poor people with vouchers that can be used to buy food c. prohibiting smoking in public places d. breaking up Standard Oil (which once owned 90 percent of all oil refineries) into several smaller companies e.imposing higher personal income tax rates on people with higher incomes f. instituting laws against driving while intoxicated

ANSWER:

Step 1 of 2

Efficiency refers to the degree of benefits the society obtains from an economic decision, and equality refers to the uniform distribution of benefits among the people. When there is inadequate allotment of goods and services in a free market, the circumstances are termed a market failure.

Study Tools You Might Need

Chapter: 4 Problem: 18

Elementary Statistics 12
Trifecta In horse racing, a trifecta is a bet that the first three finishers in a race are selected in the correct order. In a race with 12 horses, how many different trifecta bets are possible? If you randomly guess the order of the first three finishers in a race with 12 horses, what is the probabi

Chapter: 6 Problem: 64P

Introductory Chemistry 5
Determine the number of moles of \(\mathrm{H}\) in each sample. (a) \(4.67 \mathrm{~mol} \mathrm{H}_{2} \mathrm{O}\) (b) \(8.39 \mathrm{~mol} \mathrm{NH}_{3}\) (c) \(0.117 \mathrm{~mol} \mathrm{~N}_{2} \mathrm{H}_{4}\) (d) \(35.8 \operatorname{mol} \mathrm{C}_{10} \mathrm{H}_{22}\)

Chapter: 6 Problem: 7

College Physics for AP® Courses 1
A number of amusement parks have rides that make vertical loops like the one shown in Figure 6.33. For safety, the cars are attached to the rails in such a way that they cannot fall off. If the car goes over the top at just the right speed, gravity alone will supply the centripetal force. What other

Chapter: 34 Problem: 1

Biology 2e by Openstax
Figure 34.11 Which of the following statements about the digestive system is false? a. Chyme is a mixture of food and digestive juices that is produced in the stomach. b. Food enters the large intestine before the small intestine. c. In the small intestine, chyme mixes with bile, which emulsifies fat

Chapter: 13 Problem: 3

Biology 2e by Openstax
Figure 13.6 Which of the following statements about nondisjunction is true? a. Nondisjunction only results in gametes with n+1 or n1 chromosomes. b. Nondisjunction occurring during meiosis II results in 50 percent normal gametes. c. Nondisjunction during meiosis I results in 50 percent normal game

Chapter: 1 Problem: 1-12

Essentials of Understanding Psychology 11
Match each subfield of psychology with the issues or questions posed below. a. behavioral neuroscience b. experimental psychology c. cognitive psychology d. developmental psychology e. personality psychology f. health psychology g. clinical psychology h. counseling psychology i. educational psycholog

Chapter: 33 Problem: 10

Principles of Economics 9
A sudden increase in business pessimism shifts the aggregate-_________ curve, leading to _________ output. a. supply; lower b. supply; higher c. demand; lower d. demand; higher

Chapter: 11 Problem: 11.11

Chemistry for today : general, organic, and biochemistry 9
Explain why the rate of chemical reactions is generally slow for organic compounds and usually fast for inorganic compounds.

Not The Solution You Need? Search for Your Answer Here:

×

Login

Login or Sign up for access to all of our study tools and educational content!

×

Register

Sign up for access to all content on our site!

Or login if you already have an account