ECON 1301 Fundamentals of Economics in a Global SocietyCRITICAL THINKING, WRITTEN COMMUNICATION, AND SOCIAL
READ THE FOLLOWING INSTRUCTIONS CAREFULLY:1. Your response should be typed (handwritten essays will not be graded) be in an essay format be at least two pages (maximum of 3 pages) in length be typed using good grammar be double-spaced using Times New Roman font, a font size of 12, and 1 inch margins2. If your writing is less than two (pages), you cannot receive the maximum points.3. Students must make two submissions – (a) Taskstream and (b) a link created in canvas. Toreceive a grade, you MUST upload your work to BOTH Taskstream and the link created in canvas.4. Do not fill a whole page with your name, course title, or professor’s name (use a cover page for yourname, course title, and/or professor’s name). It will not count toward your number of pages. The pageswill be counted from where your essay begins.5. Do not wander off-topic, stick to the point. Your response should be related to the question asked.6. Do not forget to cite your source(s). Both in-text citations and a Work Cited page are required. Yourlist of references/Work Cited page should be at the end of your writing using MLA format. This list willnot count towards the required minimum of two pages.7. A software that detects plagiarism will be used. If plagiarism is detected, you will receive a grade ofzero. Plagiarism is a form of academic dishonesty as stated in the syllabus.8. Do not copy someone else’s work by trying to spin some words using “Essay Rewriter” or other apps.Both the student who copied and the one whose work was copied will receive a zero.9. Upload your work as pdf or word document.
QUESTION (50 points)Think of an activity with external costs to the society. Describe this activity and theexternal costs it imposes on society. As an expert in externality correction (resolution),a. What are your recommendations to correct the issue without government involvement?Explain each of these recommendations.b. What roles can the government play in correcting the issue? Discuss.