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Fully explain the economic concepts being discussed in each question. Provide real-world examples when asked. Please fully explain your examples.
Public Choice economists identify sources of government failure and the costs associated with them. 5 sources of government failure are: rational ignorance of voters, special interest effect, rent seeking, bureaucratic inefficiency, and the short-sightedness effect. Identify a recent (within the past 5 years) real-world example of one of the five sources of government failure in action.
Explain what that source of government failure is and why it occurs.
Answer of 3 paragraphs maximum
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
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What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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