About This Chapter
Government Failure in Macroeconomics - Chapter Summary
This chapter makes it easy to comprehend elements of government failure in macroeconomics. Study the bite-sized lessons to gain greater insight into public choice theory, ways to assess government policies and other related topics. Use the short quizzes to gauge your knowledge of the lessons, and take the practice exam to ensure you understand the entire chapter. Around-the-clock mobile access to these resources lets you study whenever and wherever your schedule permits. Completing this chapter will enable you to:
- Share real world examples of opportunity cost
- Define and give examples of government failure
- Explain ways the government can be wasteful economically
- Describe how governments assess their policies using cost-benefit analysis
- Discuss the theory of ballot box economics
- Differentiate between the two levels of public choice theory
1. Opportunity Cost: Definition & Real World Examples
Learn the most important concept of economics through the use of real-world scenarios that highlight both the benefits and the costs of decisions. Opportunity cost is a simple yet powerful principle that reveals how to make the best economic decisions possible, and it explains why people make the choices they do.
2. Government Failure: Definition & Examples
In this lesson you will learn what government failure is. The lesson will discuss when the term was coined, and also offer a few examples of government failure.
3. Using Cost-Benefit Analysis to Assess Government Policies
Governments can use cost-benefit analysis to assess their policies. Learn how the implementation of cost-benefit analysis can be used to effectively assess government policies.
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Other chapters within the UExcel Introduction to Macroeconomics: Study Guide & Test Prep course
- Fundamental Concepts of Macroeconomics
- Demand, Supply & the Economic Market
- Role of Government in Macroeconomics
- National Income Accounting Overview
- Unemployment & the Economy
- Basic Concepts of Inflation
- Measurements of Inflation
- The Business Cycle & Economics
- Aggregate Demand in Economics
- Fiscal Policy in Economics
- Budgets & National Debt
- Understanding Monetary Policy
- Fundamentals of Money
- Understanding the Federal Reserve System
- Supply-Side Policy & Policy Comparisons
- UExcel Introduction to Macroeconomics Flashcards