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Questions and Answers
What is the role of government in a mixed economy according to the text?
What is the role of government in a mixed economy according to the text?
- To address market failure (correct)
- To promote demerit goods
- To control public mechanisms
- To eliminate private goods
What does public finance primarily affect according to the text?
What does public finance primarily affect according to the text?
- Monetary policy implementation
- Private sector development
- Aggregate resource use and financing (correct)
- International trade policies
What is the main focus of public economics according to the text?
What is the main focus of public economics according to the text?
- Promoting demerit goods
- Controlling private sector economies
- Shaping the course of development of a nation (correct)
- Regulating international trade
What is the theory of public choice primarily concerned with according to the text?
What is the theory of public choice primarily concerned with according to the text?
What does the provision of club goods involve according to the text?
What does the provision of club goods involve according to the text?
Flashcards
Role of government in a mixed economy?
Role of government in a mixed economy?
Addresses market failures.
What does public finance primarily affect?
What does public finance primarily affect?
Aggregate resource use and financing.
Main focus of public economics?
Main focus of public economics?
Shaping the course of development of a nation.
Theory of public choice?
Theory of public choice?
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Provision of club goods?
Provision of club goods?
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Study Notes
Role of Government in a Mixed Economy
- The government plays a crucial role in correcting market failures, regulating economic activities, and providing public goods and services.
Public Finance
- Public finance primarily affects the allocation of resources, distribution of income, and stabilization of the economy.
Public Economics
- The main focus of public economics is on the role of the government in the economy, including the provision of public goods and services.
Theory of Public Choice
- The theory of public choice is primarily concerned with the application of economic principles to the study of political decision-making processes.
Club Goods
- The provision of club goods involves the supply of goods and services that are shared by a group of people, but from which non-members can be excluded.
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