Asked by
Mohammed Saleh
on Nov 25, 2024Verified
Economists consider governments to be "wasteful"
A) whenever they over- or underallocate resources to a project.
B) only when they overallocate resources to a project.
C) only when they underallocate resources to a project.
D) whenever they attempt to correct a market failure.
Governments
Institutions responsible for governing a community, state, or nation, making and enforcing laws, and managing public resources and services.
Market Failure
A situation where the allocation of goods and services by a free market is not efficient, often leading to negative externalities, underproduction, or overproduction.
Wasteful
Referring to the use or allocation of resources in an inefficient manner, leading to unnecessary loss or expenditure.
- Understand the function of government and the difficulties associated with financing and providing public goods.
Verified Answer
BS
Learning Objectives
- Understand the function of government and the difficulties associated with financing and providing public goods.