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?
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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.
What is the difference between qualitative data and quantitative data, provide an example of each.
Suppose you go to a recycling center and are paid 25 cents per pound for your aluminum cans. However, the recycler charges you $.20 per bundle to accept your old newspapers.
Over the long-run the speculators activities are tend to: (1) decrease the volatility of prices. (2) attract legal attention and result in imprisonment. (3) increase the level and volatility of prices both. (4) yield tremendous profits and raise costs
In heterodox economics, what implications does technical change and vintage technology contain for the cost structure of the business enterprise?
surpluses drives price down,shortages drive up
Elucidate reallocation of Government resources?
Elucidate types of unemployment?
Why does a demand curve slope downward?
What is the most important source of revenue and the major type of expenditure at the Federal level?
Explain the Market System Specialization?
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