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1. (3 pts) List Government's 2 functions in a market economy. 2. (1 pt.) THE COASE THEOREM says (a) spillovers are best solved with big

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1. (3 pts) List Government's 2 functions in a market economy. 2. (1 pt.) THE COASE THEOREM says (a) spillovers are best solved with big government regulations. (b) spillovers are best settled locally by people involved. (Pick m, (a) or (b)) 3. (4 pts) List the 2 characteristics of a PRIVATE Good. Give an example of a Private good. Describe how these goods are paid for (funded). 4. (4 pts) List the 2 characteristics of a PUBLIC Good. Give an example of a Public good. Describe how these goods are paid for (funded)

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