Question

What are the three major roles that government plays in our economy

Answer 1

The government (1) provides the legal and social framework within which the economy operates, (2) maintains competition in the marketplace, (3) provides public goods and services, (4) redistributes income, (5) cor- rects for externalities, and (6) takes certain actions to stabilize the economy.

Answer 2

Answer: They actually play 6 roles.

Explanation: Government (1) creates the legal and social framework within which the economy operates, (2) maintains competition in markets, (3) provides public goods and services, (4) redistributes income, (5) adjusts for externalities, and (6) ) implements some measures to improve the economy for stabilization.

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