Briefly explain each of the following.
1. Since education does not fit the definition of a pure public good what are some of the economic justifications for public provision of education?
2. What is adverse selection and how does it relate to insurance markets?
3. What is moral hazard and how does it relate to insurance markets?
4. What is Medicare?
5. What are some of the reasons for rising costs of Medicare?
6. What is Medicaid?
7. How does current tax policy encourage private health insurance?
8. What is Social Security?
9. How does Social Security work?
10. Why are some problems with Social Security anticipated?
11. What is TANF?
12. How is a benefit reduction rate similar to a tax?
13. What is the EITC?
14. What is a “gift in kind”?