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    Microeconomics

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    Suppose that you are the head of a government agency that oversees re-training programs for the unemployed. a) Discuss whether the service that your agency delivers is a public or private good. b) Will the private market of demand and supply for labor [as measured by the unemployment rate] lead to an efficient outcome? Why or why not? c) Discuss how your agency is funded. d) How well do you think a voluntary contribution scheme work in funding your program?

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    (a) A good which, once provided to one user, must be provided in the same amount to all users due to its non-rival and non-excludable nature is a public good. This holds true for the re-training service that is provided by government. Anyone can use this service and if one person uses this, ...

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