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Author Question: What is government failure? What will be an ideal response?[br][br][b][color=black]Question ... (Read 53 times)

B

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on: Jun 29, 2018
What is government failure?
 
  What will be an ideal response?

Question 2

What is the output gap? How does it change when the economy goes into recession?
 
  What will be an ideal response?


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heinisk01

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Reply #1 on: Jun 29, 2018
Answer to Question 1

Government failure occurs when the government becomes the tool of the rent seeker and the allocation of resources is made even less efficient by the intervention of government.

Answer to Question 2

The output gap equals the difference between real GDP and potential GDP. When the economy goes into a recession, the output gap becomes negative.


B

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

meganmoser117

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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