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Read the attached article and answer the questions below. No outside resource.

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1.Define public policy (2 points):

2.Briefly describe four types of market failure (2 points for each type).

Type 1:

Type 2:

Type 3:

Type 4:

3.Short Essay (8 points): Write a two to four paragraph answer to the following short essay question.Be sure to include information from the readings. How would you explain the difference between a private good and a public good? Define and Give example.

4.Short Essay (8 points): Write a two to four paragraph answer to the following short essay question.Be sure to include information from the readings.Which of the four methods for evaluating public policy do you think is the best method?Why?

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