3. On Market Failure – We said that market failure is the mainstream rationale for public policy. Using this premise, address the following: a. Provide a clear definition of market failure and public policy – be specific. b. Provide an example of a public good as a result of or response to market failure. What are the consequences of public goods? Explain. c. Provide an example and illustration of a positive and negative externality. Include a pro and con of government policy as a measure to correct or cure the externality. d. Lastly, define public choice theory – provide an example.
4. On the Economy – Identify the three traditional ways economists ‘measure’ the economy building into your discussion the answer to this question: what is the state of the US economy? i. Strengthen your answer with data from the three indicators providing as much historical and forecast context as possible.
5. On Understanding Globalization – a. First, define globalization as an economic theory – what is it and why does it matter? b. Second, selecting one of the chapters from Schaeffer’s book, identify and discuss the following; i. Central learning outcome – what is the author teaching us in the chapter Your answer may refer to a significant time in history, politics, economics, etc. ii. Connection to Globalization – how does the chapter help us ‘understand’ globalization? Your answer may naturally overlap the central learning outcome question above, but try to make a distinction c. Lastly, how has your ‘understanding’ of globalization changed from the readings and discussions to date? Be specific in your response and consider showing a concise yet wide survey of the book to help develop your response.
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