1. Explain and illustrate how might a nation's production possibilities be affected by the following? Each...

 

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1. Explain and illustrate how might a nation's production possibilities be affected by the following? Each case independently. a. Wide-spread epidemic, like COVID pandemic. b. An increase in immigration. c. An increase in military spending. d. An increase in college attendance. 2. Why might more reliance on markets rather than government be desirable? When and how might it be undesirable? 3. Should the government try to equalize incomes more by raising taxes on the rich and assist financially the poor? How might such redistribution affect the potential output and growth? 4. What is the specific sources of market failure justification for government spending on (a) public universities, (b) health care, (c) trash pickup, (d) highways, and (e) police? Explain. Would a purely private economy produce any of these services? 6. Analyze the "higher education" market consequences (Supply/Demand and equilibrium price and quantity) of the following events, each case Independently: a. Average household income rising b. Student loan interest rate rising c. More online programs are entering into the market d Average tuition rising rapidly 1. Explain and illustrate how might a nation's production possibilities be affected by the following? Each case independently. a. Wide-spread epidemic, like COVID pandemic. b. An increase in immigration. c. An increase in military spending. d. An increase in college attendance. 2. Why might more reliance on markets rather than government be desirable? When and how might it be undesirable? 3. Should the government try to equalize incomes more by raising taxes on the rich and assist financially the poor? How might such redistribution affect the potential output and growth? 4. What is the specific sources of market failure justification for government spending on (a) public universities, (b) health care, (c) trash pickup, (d) highways, and (e) police? Explain. Would a purely private economy produce any of these services? 6. Analyze the "higher education" market consequences (Supply/Demand and equilibrium price and quantity) of the following events, each case Independently: a. Average household income rising b. Student loan interest rate rising c. More online programs are entering into the market d Average tuition rising rapidly

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1 Effects on Production Possibilities a Widespread epidemic like COVID pandemic A widespread epidemic can reduce the labor force due to illness and death leading to a decrease in production possibilit... View the full answer