he government has traditionally dealt with externalities by directive rather than by price.
22. Public choice economics is the study of how elected officials are placed in their official
23. Externalities are consequences visited upon those individuals residing outside decision
24. The level of protection from influenza (flu) in a community has characteristics of a public
25. A national park is an example of a pure public good, since it is there for everyone to
26. If whooping cranes generate benefits to some members of society by merely their
continued existence, then economic markets will consider this in arriving at a level of
their provision “as if by an invisible hand.”
27. The space program of the 1960s is a good example of an activity that generated
significant external economies.
28. Believers in public choice see government bureaucrats choosing the level of public goods
based on their desire to keep their jobs.
29. Catering to special interest lobbying may distort the government’s provision of public
goods away from the social optimum.
30. Relying on majority rule of voting will yield a social optimum of all products.
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