Economics Today The Macro View Ch.5 Public Spendin
Economics Today The Macro View Ch.5 Public Spendin
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Economics Today The Macro View Ch.5 Public Spending and Public Choice
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Economics Today The Macro View Ch.5 Public Spendin
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Economics Today The Macro View Ch.5 Public Spendin
Economics Today The Macro View Ch.5 Public Spending
and Public Choice
1. Market failure ️: Prevent the price system from attaining economic efficiency and individual
freedom.
2. Externality (external cost) ️: A consequence of an economic activity that spills over to affect third
parti...
Economics Today The Macro View Ch.5 Public Spendin
Economics Today The Macro View Ch.5 Public Spendin
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Economics Today The Macro View Ch.5 Public Spending
and Public Choice
1. Market failure ✔️: Prevent the price system from attaining economic efficiency and individual
freedom.
2. Externality (external cost) ✔️: A consequence of an economic activity that spills over to affect third
parties. Pollution is an _____?
Answer: externality.
3. Market Failure ✔️: A situation in which the market economy leads to too few or too many resources
going to a specific economic activity.
4. Externalities can also be ✔️: positive.
5. Effluent fee ✔️: A charge to a polluter that gives the right to discharge into the air or water a certain
amount of pollution; also called a pollution tax.
,6. Subsidies ✔️: Another term for negative tax.
7. Free riders ✔️: Anticipate that others will pay.
8. Antitrust legislation ✔️: Laws that restrict the formation of monopolies and regulate certain
anticompetitive business practices.
9. Third parties ✔️: Parties who are not directly involved in a given activity or transaction.
10. Antitrust legislation Monopoly power ✔️: Market failure may occur if markets are not competitive.
11. Externalities ✔️: Are examples of market failures.
12. Incentive structure ✔️: The system of rewards and punishments individuals face with respect to
their actions.
13. Government inhibited goods ✔️: A good that has been deemed socially undesirable through the
political process (e.g., certain psychoactive drugs like heroin).
, 14. Externality ✔️: A consequence of an economic activity that spills over to affect third parties.
Pollution is an externality.
15. Monopoly ✔️: A firm that can determine the market price of a good. In the extreme case, a
monopoly is the only seller of a good or service.
16. Private goods ✔️: Goods that can be consumed by only one individual at a time. Private goods are
subject to the principle of rival consumption.
17. Public goods ✔️: Are not subject to rival consumption.
18. Property rights ✔️: The rights of an owner to use and to exchange property.
19. Negative externalities, at least two avenues are open to the government. Name 2 examples ✔️:
Special taxes and legislative regulation or prohibition.
20. In its most ideal form, a ✔️: price system allows resources to move from lower-valued to higher-
valued uses through voluntary exchange.
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