Question;PART;I;Directions;Please answer each of the following questions in a paragraph for each. Explain your thoughts with theory and;examples where applicable.;1. For;each of the following, determine whether it is a private good, public good;common resource or a club good.;a. Congested;toll roads;b. Knowledge;c. Fish in;the ocean;d. National;defense;e. Congested;nontoll roads;f. Cable TV;g. The;environment;h. Fire;protection;i. Ice-cream;cones;j. Uncongested;toll roads;k. Clothing;l. Uncongested;nontoll roads;2. The;creation of knowledge is a public good.;Because knowledge is a public good, profit-seeking firms tend to;free-ride on the knowledge created by others and, as a result, devote too few;resources to the creation of knowledge.;How does the U.S. government correct for this apparent market failure?;3. Why do;wild salmon populations face the threat of extinction while goldfish;populations are in no such danger?;4. Identify;the three most important expenditure programs of the federal government. Explain how they differ from the three most;important expenditure programs of state and local governments? Explain why it makes sense for the federal;government to purchase "national defense" rather than state governments.;5. Why are;Pigovian taxes preferred to regulatory policies as methods to remedy negative;externalities?;PART;II;Midterm Project;Click;HERE to watch this;seven minute video from Paul Krugman, the author noted in Module 2.;The;video is on income inequality and the middle class. Within the context of the work you have done;up until this module, determine whether or not you concur with his;argument. Write a four page APA format;position paper, with proper citations and references, explaining your opinion. Please utilize LIRN to help you get started;with your search. You may visit the;Academic Resource Center for a guide on how to utilize LIRN successfully. Next, elaborate in two additional pages on;how you see the policies of the last presidency impacting the outcomes;indicated. Be sure to cite sources.;PART III: Reflection Essay;Write a one page paper on what you found most useful in this;module. What was the biggest take-away;lesson you learned and how do you see firms applying the topic to decision;making in a microeconomic methodology?
Paper#56525 | Written in 18-Jul-2015Price : $25