chapter3 Flashcards
which of the following is the best example of a public good
A highway system
policymakers pursue all of the following goals to stabilize the economy except
high unemployment
why is legal equality important to the free enterprise system
guaranteeing all people the same legal rights will maximize human capital on the free-market
education programs make the economy more productive by
adding the human capital and labor productivity
which of the following programs was President Roosevelt establishing when he spoke these words
social Security
Health insurance for the elderly, the poor, and I disabled is provided by
medicare and Medicaid
what is considered a negative effect of government regulations
all of the above
why does the government protects inventors and authors by offering them patents and copyright
to promote innovation
why is legal equality important to the free enterprise system
guaranteeing all people the same legal rights allows everyone to compete in the marketplace
can you run my hands open up at the airport, and citizens complaint a local officials that the noise of the airplane does the serving their neighborhood. The noise is an example of a
negative externality
why are public good examples of market failure
they show the free-market cannot distribute certain resources efficiently
The most common in-kind benefits are
food giveaways, food stamps, subsidized housing, and legal aid
each payday, some of your pay is withheld as payroll deductions for Social Security. what happens to the money that is withheld
it is redistributed as cash transfers to retired and disabled people
what is one key feature of public good
it would be difficult to make consumers pay individually to use them
when did the nations welfare system begin
during the great depression
