- 15 Marks
PSAF – Nov 2014 – L2 – Q5 – Fiscal Policy and Public Finance
Market Failure, Public Goods, Economic Intervention, Developing Economies, Nigeria, Government Intervention
Question
The need for governmental intervention in the economy is justified on the basis of market failure and public goods provision.”
Required:
a. Explain the concept of market failure and public goods. (5 Marks)
b. What conclusions can you draw from the foregoing statement in the context of a developing nation like Nigeria? (10 Marks)
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