For each of the following government actions, explain where
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For each of the following government actions, explain where it fits into the discussion of the rationales for government
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For each of the following government actions, explain where it fits into the discussion of the rationales for government policy listed in Section 12.1. What market failure, if any, does the policy address? Does the policy stimulate economic growth? Is the policy an example of government failure? Whose interests are served by the policy? a. In 238 b.c., the Chinese emperor Qin Shi Huang Di enacted a law standardizing the length of axles on carts so that the wheels of carts could more easily follow in the ruts of those that had gone before. b. Most countries have central banks (such as the Federal Reserve System in the United States) that are responsible for controlling the quantity of money and regulating the price level. c. In 1996, the Indonesian government announced the creation of a
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