Determine the primary function of government

Assignment Help Business Economics
Reference no: EM131004824

For each of the following scenarios involving the U.S. government, determine the primary function of government that is being served.

Microsoft, the operating system giant, was recently accused of illegal business practices aimed at significantly increasing its market share.

Productive function whereby the government promotes economic stability through fiscal policies

Productive function whereby the government maintains market competition

Productive function whereby the government redistributes income from rich to poor

Protective function whereby the government enforces property rights

Members of the Federal Reserve Bank, the central bank of the United States, meet every six weeks to adjust interest rates based on economic conditions.

Maintaining competition

Redistributing income

Promoting stability

Reallocating resources

Reference no: EM131004824

Questions Cloud

Demand curves model customer behavior : Demand curves model customer behavior, while supply curves model firm behavior. Therefore the degree of competition in an industry has no effect on the price elasticity of demand that a single firm faces.True or False & Explain
Result in an increase in the quantity demanded : Since a decrease in the price of 1 unit along a linear demand curve will result in an increase in the quantity demanded by a constant amount, the price elasticity is constant for all quantities along a linear demand. True or False & Explain
Changes on the quantity demanded of health insurance : Explain the effect of the following changes on the quantity demanded of health insurance. A. A reduction in the tax-exempt fraction of health insurance premiums B. An increase in buyer income C. An increase in per capita medical expenditures D. New t..
A firm production function : A firm production function is given by q =f(k,l) = k·l. This firm demand equation for capital input k, in terms of q, w, and v, is given by the following equation: k* = [q(w/v)]n, where power n is equal to [n]. (NOTE: write your answer in number form..
Determine the primary function of government : For each of the following scenarios involving the U.S. government, determine the primary function of government that is being served. Microsoft, the operating system giant, was recently accused of illegal business practices aimed at significantly inc..
Inflation expectations and required real yields occurred : Suppose that several months of data showed the CPI increasing at a 4 % annual rate due largely to increases in the price of energy and food related commodities following several years when the CPI only increased by 2.2 % per year. What would you expe..
Calculate the income elasticity of demand : Suppose that market demand for answering machines is given by the expression QD = 1,000 – 150P+ 25I. Assume that per capita disposable income I = $200 and the price of answering machines is P = $10. Calculate the price elasticity of demand for answer..
Externalities-definition and examples : An externality arises when a firm or person engages in an activity that affects the well-being of a third party, yet neither pays nor receives any compensation for that effect. If the impact on the third party is adverse, it is called a negative   ex..
What is the arc income elasticity of demand for visits : Per capita income in County A is $45,000. Per capita income in County B $38,000. Physician visits average 3.4 per year in County A and 3.2 per year in County B. What is the arc income elasticity of demand for visits?

Reviews

Write a Review

Business Economics Questions & Answers

  Q a firm in a purely competitive business is currently

q. a firm in a purely competitive business is currently producing a 1000 unitday at a total cost of 450. if the firm

  Productively rather than haphazardly and unproductively

Describe at least one government policy that you believe would be effective in increasing our nations' production possibilities (creating economic growth) and therefore increasing our nation's average absolute standard of living. What explains why mi..

  What is the price elasticity of supply for greek yogurt

Suppose that in a week the price of Greek yogurt increases from $5.00/lb to $5.25/lb. At the same time, the quantity of Greek yogurt supplied increases from 100,000 lbs to 125,000 lbs. What is the price elasticity of supply for Greek yogurt?

  Is there an opportunity for beneficial exchange

In World War II, a German POW camp guard exchanged bread and chocolate with prisoners at the rate of one loaf for one chocolate bar. Inside the POW camp, the price was 15 cigarettes per chocolate bar, and 40 cigarettes per loaf of bread. Is there an ..

  Marginal revenue product of hiring one low-skilled worker

Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1300 in revenue. What is the marginal revenue product of hirin..

  Effect and another for the reason and mechanism

Please answer each part of the following question with 2 short sentences. One for the effect and another for the reason/mechanism. In each case below, please identify the effect on the market for coal and mention briefly the mechanism yielding to thi..

  Human nature in the background of all our discussions

We are always to keep the question of human nature in the background of all our discussions. Each author of the texts we read has a philosophy about human nature. Some assume universal elements that cut across all individuals, times, and cultures; o

  Higher inflation rate with new anti-inflation program

The president of the US announces in a press conference that he will fight the higher inflation rate with a new anti-inflation program. Predict what will happen to interest rates if the public believes him. If the public believes the president's prog..

  Global per capita income-maintain current living standards

The World Bank projects that the world's population will increase from 7 billion to 8 billion in 2025. World output today is roughly $80 trillion. What is global per capita income today? What will per capita income be in 2025 if the world's economy d..

  Successfully used to develop new software program

Agile project management was originally developed to do software development. Could a traditional process be successfully used to develop a new software program? Why or why not? Could an Agile methodology be used to build a strip mall in your home to..

  Evaluate the institutionalist economists

Evaluate the institutionalist economists. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.

  Individual industry reforms in australia

How companies and countries are becoming specialised in certain industries to compete and expand their businesses. Compare Australia with any other two countries

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd