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Chapter 9: Public Onwership (page 327)

How did successive UK governments use public ownership?

Short Answer

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regulate market power

Step by step solution

01

Public Ownership 

The UK government utilized public ownership by nationalizing key industries such as the coal and steel manufacturing industry as well as the railways to provide better services at better costs and prices. Additionally the means of acquiring an asset for the state was seen as regulating monopolistic forces within the market.

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Most popular questions from this chapter

Japanese rice producers have extremely high production costs, due in part to the high opportunity cost of land and to their inability to take advantage of economies of large-scale production. Analyze two policies intended to maintain Japanese rice production:

(1) a per-pound subsidy to farmers for each pound of rice produced, or

(2) a per-pound tariff on imported rice.

Illustrate with supply-and-demand diagrams the equilibrium price and quantity, domestic rice production, government revenue or deficit, and deadweight loss from each policy. Which policy is the Japanese government likely to prefer? Which policy is Japanese farmers likely to prefer?

Explain the four policies related to Privatisation.

You know that if a tax is imposed on a particular product, the burden of the tax is shared by producers and consumers. You also know that the demand for automobiles is characterized by a stock adjustment process. Suppose a special 20-percent sales tax is suddenly imposed on automobiles. Will the share of the tax paid by consumers rise, fall, or stay the same over time? Explain briefly. Repeat for a 50-cents-per-gallon gasoline tax.

How does a change in technology affect the demand for labor?

The domestic supply and demand curves for hula beans are as follows:

Supply: P = 50 + Q

Demand: P = 200 - 2Q

where P is the price in cents per pound and Q is the quantity in millions of pounds. The U.S. is a small producer in the world hula bean market, where the current price (which will not be affected by anything we do) is 60 cents per pound. Congress is considering a tariff of 40 cents per pound. Find the domestic price of hula beans that will result if the tariff is imposed. Also compute the dollar gain or loss to domestic consumers, domestic producers, and government revenue from the tariff.
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