Please respond to the questions below. Remember to refer to economic theory and concepts in your responses ideas such as market failure, externalities, ineciencyfdead weight loss, risk aversion, utility maximization, etc should be prominent in your responses. 1. What is consumption smoothing? How does insurance help? 'Why would some individuals choose to remain uninsured? For each question, explain in words and give an example . What are two market failures in the insurance market that would lead to government intervention? Explain each and give an example. Why does the government mandate individuals to purchase private insurance for some types of insurance (ex. Car insurance) and provides a public option for other types of insurance (ex. Health insurance)? Explain in a few sentences using economic theory to justify your response. In regards to Social Security, what is \"legacy debt\"? How does it aect current workers and the current social security system? How might it aect the future of the social security system? . The rate of return from the stock market is higher than the rate of return to government bonds. Therefore, we should invest social security funds in the stock market, as it would make it easier to grow the \"trust fund\" and provide more benets to retirees. Discuss