Ch. 3 Study Guide Questions

1. How does the government intervene to protect public health, safety and well-being?
2. What are the main programs through which the government redistributes income?
3. What are the differences between the public and private sectors?
4. What are some examples of “negative externalities”?
5. What are some examples of “positive externalities”?
6. Why are street lights an example of a public good?
7. How does calculating GDP help the government track the business cycle?
8. What are the phases of the business cycle?
9. What’s the difference between micro and macroeconomics?
10.What is the government’s role in encouraging innovation?

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