Question

Advocates of antipoverty programs claim that

	a.	the government has good information about what people are willing to pay to eliminate poverty.
	b.	fighting poverty is a public good.
	c.	private sector will incur higher costs than the public sector for these programs.
	d.	All of the above are correct.

The U.S. government protects fish, a common resource, by

	a.	subsidizing the fishing industry.
	b.	heavily taxing competing industries.
	c.	selling fishing licenses and regulating fish lengths.
	d.	None of the above is correct.

Which of the following is an example of government intervention to solve a Tragedy of the Commons problem?

	a.	subsidizing basic research
	b.	toll charges on congested roads
	c.	building lighthouses
	d.	cost-benefit analysis

When the absence of property rights causes a market failure, the government can potentially solve the problem

	a.	by clearly defining property rights.
	b.	through regulation.
	c.	by supplying the good itself.
	d.	All of the above are correct.

Which of the following is an example of an excise tax?

	a.	a tax on tobacco
	b.	the portion of federal income taxes earmarked to pay for Social Security and Medicare
	c.	a tax on corporate profits
	d.	a tax on the wages that a firm pays its workers

Answer 1

1) :-D is right option

2) :-The U.S. government protects fish, a common resource, by

selling fishing licenses and regulating fish lengths.

Common Resources are defined as a Goods that are rival in consumption but not excludable in nature, it means one person uses the good it does diminish the ability of another person to use it, but you can't stop people from taking the good. For example: fish in a pond, enviromental resources,

3):-B is right option

toll charges on congested roads

4):-D is right option

When the absence of property rights causes a market failure, the government can potentially solve the problems

d.All of the above are correct

Property Rights is defined as a bundle of the owners rights, privileges, and limitations for use of resources

5) :-D is right option

Excise Tax is kind of tax that impose on a specific good traded in the market

it is sometimes referred to as a "sin tax"

and it is typically a "per unit" tax

If first one is wrong sorry for that

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