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business
macroeconomics

Questions and Answers of Macroeconomics

How does the number of buyers affect the demand curve?
What are normal and inferior goods?
What are substitutes and complements?
What are the determinants of demand?
What is the difference between a change in demand and a change in quantity demanded?
Why does the amount of dating on campus tend to decline just before and during final exams?
What is the difference between an individual demand curve and a market demand curve?
What is an individual demand schedule?
How do higher prices change buyers’ incentives?
How do lower prices change buyers’ incentives?
What is an inverse relationship?
Why do the prices people pay for similar items at garage sales vary more than for similar items in a department store?
Why do you get your produce at a supermarket rather than directly from farmers?
Why is it difficult to define a market precisely?
Why do you think news reporters are more informed than average citizens about public policy issues?
Why are college students better informed about their own teachers’ and schools’ policies than about national education issues?
Why does the creation of a government program create a special interest group, which makes it difficult to reduce or eliminate it in the future?
How can you be forced to pay for something you do not want to “buy” in the political sector? Is this sometimes good?
Why might the party favorites at a political convention sometimes be harder to elect than more moderate candidates?
Why would a candidate offering “a choice, not an echo,” run a risk of losing in a landslide?
Illustrate the median voter model graphically and explain it.
Why would the benefits received principle be difficult to apply to national defense and the provision of the justice system?
Is a gas tax better described as reflecting the ability to pay principle or the benefits received principle? What about the federal income tax?
Could the burdens of a regulation be either progressive or regressive, like the effects of a tax?
Why is the Social Security payroll tax considered regressive?
Why are income taxes more progressive than excise taxes such as those on alcohol, tobacco, and gasoline?
Why would means-tested transfer payments (such as food stamps, in which benefits are reduced as income rises) act like an income tax facing recipents?
Why does favoring market mechanisms over command and control mechanisms not mean that a person wants no government whatsoever?
If there are far fewer sugar growers than sugar consumers,a. the growers are likely to be more informed and influential on policy than voters.b. the consumers are likely to be more informed and
Which of the following would tend to raise voter turnout?a. a blizzard or heavy rainstorm on election dayb. an election that is expected to be a landslidec. the longer the wait is expected to be at
For a voter to become more informed on a political issue is likely to have _________ benefits and _________ costs than for similar market decisions, other things being equal.a. smaller; largerb.
The median voter result implies thata. elections will often be very close.b. elections will usually be landslides for the same party year after year.c. elections will usually be landslides, with
Voters will tend to be _________ informed about their political choices than their private market choices, other things being equal.a. moreb. equallyc. lessd. Any of the above are equally likely to
The amount of information that is necessary to make an efficient choice is generally _________ in the public sector than in the private sector.a. lessb. morec. the samed. None of the above is true.
The ability to pay principle states:a. Those with the greatest ability to pay taxes should pay more.b. Those with the least ability to pay taxes should pay more.c. Individuals receiving the benefits
The gasoline tax is an example ofa. progressive taxation.b. neutral taxation.c. proportional taxation.d. regressive taxation.
The U.S. federal income tax is an example of aa. progressive tax.b. proportional tax.c. regressive tax.d. value-added tax.
Which is the largest single component of federal expenditures?a. interest on the national debtb. defense spendingc. Social Securityd. foreign aid
The largest single source of revenue for the federal government is thea. corporate income tax.b. federal excise tax.c. personal income tax.d. Social Security tax.
An example of a proportional tax would bea. a state sales tax.b. a local property tax.c. a flat rate income tax.d. the current U.S. income tax.
_______________ taxes are designed to take a larger percentage of high incomes as compared to lower incomes.a. Progressiveb. Regressivec. Proportionald. Negative
Expenditures on _______________ comprise the largest component of state and local government budgets.a. educationb. public safetyc. public infrastructure (such as roads and water works)d. public
Who must legally pay Social Security and Medicare taxes?a. employersb. employeesc. both employers and employeesd. neither employers nor employees
Social Security and Medicare are financed bya. personal income taxes.b. payroll taxes.c. excise taxes.d. corporation income taxes.e. none of the above taxes.
Which of the following are important roles of the government?a. protecting property rightsb. providing a legal systemc. intervention when insufficient competition occurs in the marketplaced.
An election that is expected to be close would tend to increase voter turnout. True or False.
The benefits of casting a well-informed vote are generally far greater than the cost of doing so for most voters. True or False.
The majority of Americans cannot identify their congressional representatives. True or False.
The median voter result implies that when those with extreme political views become more extreme, it will have a large effect on the majority voting outcome. True or False.
The individual consumption-payment link breaks down when goods are decided on by majority rule. True or False.
Scarcity and competition are present in the public sector as well as in the private sector. True or False.
In public choice analysis, bureaucrats, politicians, and voters are assumed to make choices that they believe will yield to the public expected marginal benefits greater than their expected marginal
The gasoline tax is a good example of the benefits received principle. True or False.
The ability to pay principle states that those with the least ability to pay taxes should pay more than those with the greatest ability to pay taxes. True or False.
Most taxes provide incentives for individuals to work hard, save, and invest. True or False.
For the most part taxes are inefficient because they change incentives and alter the true value buyers and sellers place on goods and services. True or False.
A larger share of state and local government revenues are from the federal government in grants than from state and local personal and corporate income taxes. True or False.
Excise taxes can lead to economic inefficiency. True or False.
Excise taxes, such as those on alcohol, tobacco, and gasoline, tend to be the most regressive taxes. True or False.
If a higher-income person pays more in total taxes than a lower-income person, those taxes would be considered progressive. True or False.
Most other countries rely less heavily on income-based taxes than the United States. True or False.
The share of federal taxes going to Social Security and Medicare has risen significantly in recent years. True or False.
Taxes on gasoline, liquor, and tobacco products provide a substantial portion of federal tax revenues. True or False.
Taxpayers in other parts of the developed world have heavier tax burdens than those in the United States. True or False.
Neither the composition of U.S. federal government spending nor its share of GDP has changed much since 1970. True or False.
A large majority of government activity is financed by borrowing. True or False.
The composition of state and local spending is different from that of federal spending. True or False.
Government spending as a percentage of GDP has changed little since 1970, but the composition of government spending has changed considerably. True or False.
_______________ positions tend to win in elections decided by majority votes.
Compared to private-sector decisions, acquiring information to make public-sector decisions will tend to have ___________ benefits and ___________ costs.
If voters were _______________ informed, specialinterest groups would have less influence on political results, other things being equal.
____________ implies that most private-sector buyers will tend to be more informed than voters on a given issue.
A successful political campaign would have to address the concerns of the _____________ voters.
Even though actors in both the private and public sectors are _______________, the _______________ are different.
In private markets, an individual ___________ link indicates that the goods consumers get reflect what they are willing to pay for.
The amount of information that is necessary to make an efficient decision is much _______________ in political markets than in private markets.
Public choice economists believe that the behavior of individuals in politics, as in the marketplace, will be influenced by _______________.
Public choice theory is the application of ___________ principles to politics.
With a _______________ tax, individuals are taxed on what they take out of the economy, not on what they put in.
The _________________ burden of a tax leads to a deadweight loss.
The ___________ principle means that the individuals receiving the benefits are those who pay for them.
Federal income tax is a good example of the ___________ principle.
When people with different levels of income are treated differently, it is called _____________ equity.
Most people agree that the tax system should be based on either _____________ or _____________.
Sales taxes account for _____________ state and local tax revenue than property taxes.
Excise taxes are considered regressive because lowerincome people spend a _____________ fraction of their incomes on such taxes than do higher-income people.
If a higher-income person paid the same taxes as a lower-income person, that tax would be considered _____________.
The United State relies _____________ heavily on income-based taxes than most other developed countries in the world.
At the federal level, _____________ half of taxes are from personal income taxes and corporate income taxes.
_____________ and _____________ account for roughly half of state and local government expenditures.
Income transfer payments _____________ in the 1980s and 1990s.
By the mid-1970s, for the first time in history, roughly half of government spending in the United States was for _____________.
From 1968 to 2005, national defense spending as a fraction of GDP _____________.
The government share of GDP changed ____________ between 1970 and 2000, but its composition has changed _____________.
Governments obtain revenue through two major avenues:_____________ and _____________.
The market mechanism does not always assure fulfillment of some macroeconomic goals: ____________, _____________, and _____________.
Government redistributes income in three ways:___________, ___________, and ____________.
_____________ are the rules of our economic game.
In terms of moral hazard:a. Why does someone’s willingness to pay a large deductible on an insurance policy tell an insurer something valuable about the seriousness of the moral hazard problem they
In terms of winner’s curse:a. Why is the winner’s curse unlikely for frequently purchased goods?b. Why would the winner’s curse be more likely as the number of bidders increases?c. Why would we

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