Flag question Question 17 Question 177 35pts Which is not true of a public good Group of answer choices Excluding people from consuming it is not generally desirable Public provision will assure an efficient quantity is produced Private provision will lead to too low a level of provision Excluding people from consuming it is not generally feasible Flag question Question 18 Question 187 35pts An impure public good is a good Group of answer choices that is not considered unanimously to serve the public interest that to some degree has a characteristic of a private good whose provision is inefficient because of free riders that is both publicly and privately provided Flag question Question 19 Question 197 35pts Of the four goods listedbelow,which bears the least resemblance to a pure public good Group of answer choices A radio boradcast An outdoor concert An open recital a record album Flag question Question 20 Question 207 35pts The phenomenon of diminishing marginal utility refers to the factthat Group of answer choices people do not like additional units of a good it is unfair to give more of a good to a person with high marginal utility efficiency is decreased if people consume more of a good the extra gain from having 1 more unit of a good becomes smaller as a person consumes more of any good Flag question Question 21 Question 217 35pts Which of the following is not a major reason forgovernment failures Group of answer choices limited competition limited information limited control over bureaucracy limitations imposed by the political process Flag question Question 22 Question 227 35pts Which is not true of utilitarianism Group of answer choices It was espoused by Jeremy Bentham It implies that a dollar given to one person is as important as a dollar given to anyone else It implies linear social indifference curves It encourages redistribution when there is diminishing marginal utility of income Flag question Question 23 Question 237 35pts Sunk costs are Group of answer choices not recoverable through exit all expenditures already made or promised losses necessary in order to overcome barriers to entry avoidable by natural monopolies Flag question Question 24 Question 247 35pts The notion of civic responsibility is important inunderstanding Group of answer choices the preferences of the median voter why voters bother to vote the demand for most public goods the distribution of tax prices Flag question Question 25 Question 257 35pts When a market cannot function competitively, one reasonfor government intervention is Group of answer choices the government is more likely than private firms to produce in a least cost fashion regulation is unambiguously more inefficient than government production the private market is not likely to produce at the socially efficient output level consumer sovereignty is better protected under government provision of output Flag question Question 26 Question 267 35pts The median voter model could explain excessive public expenditure inan economy where Group of answer choices marginal benefits were constant across income groups, taxes were proportional to income, and the income distribution was skewed with many poor and few rich marginal benefits were proportional to income, taxes were uniform, and the income distribution was skewed with many poor and few rich marginal benefits were constant across income groups, taxes were uniform, and the income distribution was skewed with many poor and few rich marginal benefits were constant across income groups, taxes were uniform, and the income distribution was skewed with many rich and few poor Flag question Question 27 Question 277 35pts Which of the following is not a reasonable argument forgovernment involvement ineducation Group of answer choices Education is more efficiently produced by government Education has some public good aspects, especially in a democracy Public provision of education has desirable distributional consequences Education is a merit good Flag question Question 28 Question 287 35pts Campaign finance reform has been underminedby Group of answer choices tighter disclosure laws gerrymandering court challenges based on freedom of speech contribution of public funds to private campaigns Flag question Question 29 Question 297 35pts The voting paradox refersto Group of answer choices the power of the median voter, who may be poor the lack of incentives for people to vote the power of ill informed voters to achieve efficient outcomes inconsistent choice making through majority voting Flag question Question 30 Question 307 35pts Governments should prefer programs that do not change consumers' marginal incentives if theyare Group of answer choices interested in exploiting substitution effects interested in the consumption of merit goods interested in the utility of the consumer primarily concerned with questions of equity Flag question Question 31 Question 317 35pts John Maynard Keynes believed that the role of government is Group of answer choices to ensure the private sector, free market can operate efficiently, without government intervention manage the boom and bust cycles of the economy through macroeconomic policies prevent inefficiencies in the economy by promoting Pareto efficiencies in all cases to use only monetary policyin macroeconomic management Flag question Question 32 Question 327 35pts Supply and demand are most often ultimately determined by Group of answer choices market forces marginal costs government policy surplus income Flag question Question 33 Question 337 35pts As a result of the Great Depression (1929 1941) economic policy changed substantially by Group of answer choices showing how government could not stop economic fluctuations and the free market must be left to correct itself showing how government involvement can make matters worse in an economic downturn showing how a fundamental role of the government is to stabilize the economy through various approaches showing how easily it would be to slip into communism if we do not monitor policy effects Flag question Question 34 Question 347 35pts Margaret Thatcher implemented economic policy in the UK to restore economic growth, using theoriesbased on the ideas of Group of answer choices John Maynard Keynes John Kenneth Goldbraith Daniel Yergin Frederich Hayek

Question

Flag question  Question 17 Question 177 35pts Which is not true of a public good  Group of answer choices Excluding people from consuming it is not generally desirable  Public provision will assure an efficient quantity is produced  Private provision will lead to too low a level of provision  Excluding people from consuming it is not generally feasible  Flag question  Question 18 Question 187 35pts An impure public good is a good Group of answer choices that is not considered unanimously to serve the public interest  that to some degree has a characteristic of a private good  whose provision is inefficient because of free riders  that is both publicly and privately provided  Flag question  Question 19 Question 197 35pts Of the four goods listedbelow,which bears the least resemblance to a pure public good Group of answer choices A radio boradcast An outdoor concert An open recital a record album Flag question  Question 20 Question 207 35pts The phenomenon of diminishing marginal utility refers to the factthat Group of answer choices people do not like additional units of a good it is unfair to give more of a good to a person with high marginal utility  efficiency is decreased if people consume more of a good  the extra gain from having 1 more unit of a good becomes smaller as a person consumes more of any good  Flag question  Question 21 Question 217 35pts Which of the following is not a major reason forgovernment failures  Group of answer choices limited competition limited information limited control over bureaucracy limitations imposed by the political process Flag question  Question 22 Question 227 35pts Which is not true of utilitarianism  Group of answer choices It was espoused by Jeremy Bentham  It implies that a dollar given to one person is as important as a dollar given to anyone else  It implies linear social indifference curves  It encourages redistribution when there is diminishing marginal utility of income  Flag question  Question 23 Question 237 35pts Sunk costs are Group of answer choices not recoverable through exit   all expenditures already made or promised  losses necessary in order to overcome barriers to entry  avoidable by natural monopolies  Flag question  Question 24 Question 247 35pts The notion of civic responsibility is important inunderstanding Group of answer choices the preferences of the median voter  why voters bother to vote  the demand for most public goods  the distribution of tax prices  Flag question  Question 25 Question 257 35pts When a market cannot function competitively, one reasonfor government intervention is  Group of answer choices the government is more likely than private firms to produce in a least cost fashion  regulation is unambiguously more inefficient than government production  the private market is not likely to produce at the socially efficient output level  consumer sovereignty is better protected under government provision of output  Flag question  Question 26 Question 267 35pts The median voter model could explain excessive public expenditure inan economy where Group of answer choices marginal benefits were constant across income groups, taxes were proportional to income, and the income distribution was skewed with many poor and few rich  marginal benefits were proportional to income, taxes were uniform, and the income distribution was skewed with many poor and few rich  marginal benefits were constant across income groups, taxes were uniform, and the income distribution was skewed with many poor and few rich  marginal benefits were constant across income groups, taxes were uniform, and the income distribution was skewed with many rich and few poor  Flag question  Question 27 Question 277 35pts Which of the following is not a reasonable argument forgovernment involvement ineducation  Group of answer choices Education is more efficiently produced by government  Education has some public good aspects, especially in a democracy  Public provision of education has desirable distributional consequences  Education is a merit good  Flag question  Question 28 Question 287 35pts Campaign finance reform has been underminedby Group of answer choices tighter disclosure laws  gerrymandering  court challenges based on freedom of speech  contribution of public funds to private campaigns  Flag question  Question 29 Question 297 35pts The voting paradox refersto Group of answer choices the power of the median voter, who may be poor  the lack of incentives for people to vote  the power of ill informed voters to achieve efficient outcomes  inconsistent choice making through majority voting  Flag question  Question 30 Question 307 35pts Governments should prefer programs that do not change consumers' marginal incentives if theyare Group of answer choices interested in exploiting substitution effects  interested in the consumption of merit goods  interested in the utility of the consumer  primarily concerned with questions of equity  Flag question  Question 31 Question 317 35pts John Maynard Keynes believed that the role of government is Group of answer choices to ensure the private sector, free market can operate efficiently, without government intervention  manage the boom and bust cycles of the economy through macroeconomic policies  prevent inefficiencies in the economy by promoting Pareto efficiencies in all cases  to use only monetary policyin macroeconomic management  Flag question  Question 32 Question 327 35pts Supply and demand are most often ultimately determined by Group of answer choices market forces  marginal costs  government policy  surplus income  Flag question  Question 33 Question 337 35pts As a result of the Great Depression (1929 1941) economic policy changed substantially by Group of answer choices showing how government could not stop economic fluctuations and the free market must be left to correct itself  showing how government involvement can make matters worse in an economic downturn  showing how a fundamental role of the government is to stabilize the economy through various approaches  showing how easily it would be to slip into communism if we do not monitor policy effects  Flag question  Question 34 Question 347 35pts Margaret Thatcher implemented economic policy in the UK to restore economic growth, using theoriesbased on the ideas of Group of answer choices John Maynard Keynes John Kenneth Goldbraith Daniel Yergin Frederich Hayek

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Flag question: Question 17 Question 177.35pts Which is not true of a public good? Group of answer choices Excluding people from consuming it is not

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