Q16.1 Describe the traditional rationale for public management of economic resources. Is this rationale viable when government deficit spending is substantial?

Q16.2 What is the essential difference between public and private goods? Give some examples of each and some examples of goods and services that involve elements of both.

Q16.3 Does the fact that public decisions are sometimes made by self-interested politicians and bureaucrats undermine the basic premise of public choice theory?

Q16.4 List some potential causes of the Great Depression and the range of factors that influence the timing and magnitude of economic fluctuations in general.

Q16.5 One of the most vexing issues to complicate the health-care debate is the problem that there is no simple link between general health and well-being and the amount spent on health care. Briefly describe why the connection between health care and health is not a simple one. Does the weakness of the link between health and health care have any implications for mandatory universal coverage proposals?

Q16.6 What features of the health-care services market can lead to the purchase of poor quality, unnecessary, or high-cost services?

Q16.7 Among health economists, the term moral hazard has come to explain why insurance provides incentives for the overconsumption of health-care services. Describe this idea and its economic implications.

Q16.8 Is government policy that increases the well-being of one generation at the expense of another just in the ethical sense?

Q16.9 "Economic growth is ultimately constrained by finite natural resources. In a capitalist system, the population has a natural tendency to grow faster than food production and hence is only constrained by starvation, pestilence, and war. It is the proper role of government to own and manage natural resources so that the limits to growth are managed in a humane manner." Discuss this statement.

Q16.10 Describe some of the social benefits of international trade.

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