List government's 2 essential functions in a market economy. 2. (4 pts) List the 2 characteristics of a PRIVATE Good. Give an example of a Private good. Explain how these goods are paid for (funded). 3. (4 pts) List the 2 characteristics of a PUBLIC Good. Give an example of a Public good. Explain how these goods are paid for (funded). 4. (3 pts) "Privatization and Outsourcing can improve Public Goods & Services." True or False - and explain WHY (briefly). 5. (3 pts) 'The Laffer Curve concept in Econ says - the more we raise the tax rate (10% ...20% ...60%), the more tax Revenue the government will receive." True or False? - and explain WHY (briefly). 6. (5 pts) Pick one of the following and explain if it is truly a Public good - or if it should remain a "Private good" (not a function of government). No right or wrong answer, but explain your view in a few sentences: * Healthcare services * Government welfare * Funding for the Arts * Corporate Welfare (bailouts & subsidies to farms, banks, failed businesses) * Education (esp. College level)