--%>
Assignment Help - homework help

Main economic functions of government

Enumerate and briefly discuss the main economic functions of government.  Which of these functions do you think is the most controversial?  Why?

E

Expert

Verified

One role is to provide the legal and social framework.  This goes beyond the elementary policing of keeping people from assaulting and stealing from each other.  Government attempts to regulate business in terms of setting standards and rules.  Some examples include establishing rules regarding contract negotiations and enforcement; setting standards on safety of food, drugs and other products; educating the public about respect for private property; devising zoning laws, etc.

   Related Questions in Business Economics

  • Q : Distinguish between Individual as well

    Distinguish between Individual as well a market demand?

    		•
  • Q : Describe North American Free Trade

    Describe North American Free Trade Agreement (NAFTA)?

    		•
  • Q : Cost of debt and Equity Cost of debt =

    Cost of debt= (1-tax rate)* interest rate * (debt ÷capital employed)Cost of equity = risk free rate + market premium (equity shareholders funds÷ capital employed)

    		•
  • Q : Advantages rising from division of

    Adam Smith known three advantages rising from divisions of labor which would lead to greater economic wealth that did not include the concept that the division of labor: (w) helps every worker refine specialized skill

    		•
  • Q : Problem on Legislature budget XY School

    XY School District has a large number of students in need of remedial instruction. The superintendent of XY School System can allocated her budget between purchasing X units of remedial instruction at a price of $2,000/unit and spending an amount ($Y) on all other sch

    		•
  • Q : Perfect Competition leads to Allocative

    A perfectly competitive industry achieves allocative efficiency since: w) goods and services are produced at the lowest possible cost. x) services and goods are produced up to the point where the last unit gives a marginal benefit to consumers equivalent to the margin

    		•
  • Q : Elucidate the ways to finance corporate

    Elucidate the ways to finance corporate activity?

    		•
  • Q : Programs exchanged in the market For

    For the question below, utilize the given information. The market for gizmos is competitive, with an increasing sloping supply curve and a downward sloping demand curve. With no govt. intervention, the equilibrium price is $25 and the equilibrium quantity is 10,000 gi

    		•
  • Q : What is the opportunity cost of your

    Suppose you arrive at a store expecting to pay $100 for an item, but learn that a store two miles away is charging $50 for it.  Would you drive there and buy it?  How does your decision benefit you?  What is the opportunity cost of your decision?  Now suppose you arrive at a s

    		•
  • Q : Argument by Adam Smith for a true

    Within the Wealth of Nations, argument by Adam Smith such that a nation’s true wealth is its capability to: (1) obtain stocks of financial capital. (2) inspire its people’s courage and diligence. (c) give

    		•