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.
Describe unequal burdens of unemployment exist?
Productive (technical) efficiency needs maximization of the: (i) opportunity cost of a specified value of output. (ii) resources used to produce a specified value of output. (iii) value of output produced for a given total cost. (iv) satisfaction atta
Illustrate major economic flows that link U.S. with nations. Provide an example to illustrate each flow. Explain the relationship between the top and bottom flows.
Give a brief introduction of the term Risk factor?
What divergences arise between equilibrium and an efficient output spillover benefits are present? How might government correct this divergence?
Illustrate Scarcity and choice of Economic Perspective?
Give a brief introduction of the term Cost of equity shares?
Comment on the following statement from a newspaper article: “Our junior high school serves a splendid hot meal for $1 without costing the taxpayers anything, thanks in part to a government subsidy.”
Illustrate Measuring unemployment?
Explain how government might manipulate its expenditures and tax revenues to reduce unemployment?
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