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Define the following terms in your own words: economics, health economics, public health economics, public health finance, gross national product, gross domestic product, consumer price index, and human capital. How do these terms relate to your work as a nurse?
LU 8-9 PUBLIC GOODS What are the characteristics of public goods? How do pure public goods differ than pure private goods? Why is the marginal cost of allowing another consumer to enjoy the benefits of a pure public good always zero even though the marginal cost of producing the good is positive? How do congestible public goods differ than the pure public goods? How does the demand for a pure public good differ than that of a pure private good?...
-1 Economics: A Brief Introduction What is the definition of economics? Which of the following goods are scarce? Explain. Garbage Salt water in the ocean Clothes Clean air in a big city Dirty air in a big city A public library.
What is the economist’s definition of public goods? Why are public goods associated with market failure? How do the free rider problem and shirking contribute to this form of market failure?
Which of the following is excludable? Public goods Private goods Common goods Collective goods
Contrast public goods with private goods and give examples of each.
Public goods are often thought to be goods or services that are provided by the government, but that is confusing cause and effect. What are the characteristics of a public good? Hint: Who provides the public good is not one of the characteristics.
Which of the following are public goods and which are not?
What are goods that are nonexcludable and nonrival in consumption? O O public goods private goods natural monopolies common resources
Public choice economics addresses all but which of the following issues? A. the size of the public sector B. time lags for policy actions C. pessimistic future expectations D. political business cycles