1. I beg your pardon of the adhering to government functions can most easily be taken on by the exclusive sector?a) educationb) nationwide defensec) the legitimate systemd) the police forcee) international policy

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2. In most developed economies, government"s re-publishing of GDP a) over 60%b) has dropped dramatically since World battle IIc) is less than 30%d) climbed continually throughout the twenty centurye) fell throughout the good Depression, and also is currently at civilization War i levels
3. I beg your pardon of the complying with is a carry payment?a) the wages paid come a civil servantb) the government"s payment to a contractor building a bridgec) an interest payment top top the nationwide debtd) a social Security inspect sent to a retireee) the acquisition of a subway token
4. In most emerged countries, the largest and also fastest farming component of federal government expenditure has beena) national defenseb) carry paymentsc) attention on the nationwide debtd) transport expenditurese) the price of maintaining the legitimate system
5. In most emerged economies, windy spending on national defensea) is the biggest component that the government"s budgetb) account for around 1/3 of GDPc) is much less than safety on move paymentsd) cannot be differentiated from infrastructure expenditures
6. I beg your pardon of the complying with is no a necessity for markets to it is in efficient?a) perfect informationb) rational behavior by every agentsc) finish marketsd) vain in productione) the absence of transaction costs
7. As soon as no one can be made much better off without making someone rather worse off, the economic climate isa) in a secure stateb) operation at complete capacityc) Pareto efficientd) autarkice) operation under oligopolistic conditions
8. If industries are Pareto efficient,a) no one services from redistributionb) redistribution is a zero-sum gamec) arbitrage opportunities existd) resource allocation is sub-optimale) resources are fully utilized however output continues to be unsold
9. Which of the following is not generally thought about a market failure?a) windy goodsb) absent marketsc) the undesirable distribution of incomed) monopolye) allocation of resources based on price
10. I m sorry of the adhering to is a pure publicly good?a) a library bookb) windy transportationc) the justice systemd) an federal government highwaye) every one of the above
11. The trouble with public items is thata) also many people are exclude, from their use and also must find options in the exclusive sectorb) the opportunity to act as a totally free rider is a disincentive come pay for public goodsc) they compete with exclusive goods, driving service providers out of businessd) they could be listed more effectively by exclusive companiese) they are distributed according to willingness to pay rather than capacity to pay
12. Which of the adhering to government features most clearly prevents rent-seeking behavior from resulting in a socially inefficient Nash equilibrium?a) supplication of national defenseb) operation of society Securityc) supplication of publicly educationd) issuance of patentse) developing municipal rent control on urban apartments
13. I beg your pardon of the following is no a valid explanation for federal government provision and also forced consumption of education?a) myopic individuals make time-inconsistent decisionsb) education and learning is a windy goodc) forced education redistributes incomed) education has hopeful externalities, or services to non-consumerse) education and learning enhances human being capital and also raises GDP
14. I m sorry of the following is a justification for transport payments?a) move can produce a much more ethically acceptable earnings distributionb) income redistribution provides insurance versus misfortunec) poverty creates an unfavorable externalities such together crime and also diseased) myopic individuals make time-inconsistent saving decisionse) all of the above
15. For main governments is most OECD countries,a) service taxes space the largest resource of federal government revenueb) Social security contributions are smaller sized than taxes for other transfer programsc) taxes on property revenue are the significant source of government revenued) straight taxes on family members raise an ext revenue than corporate taxese) lotteries generate more revenue 보다 taxes
16. Payroll taxes distort the labor industry bya) reducing gross wagesb) moving the demand curve for labor outwardc) enhancing the supply of labord) increasing hours of worke) control a wedge between wages paid and also wages received
The next five questions refer to the following.Suppose the supply of job is W - t = 10H, where W is the gross wage, t is the taxes (in dollars), and H is labor hours. The need for labor is W = 120 - 2H.17. With a taxation of zero dollars, equilibrium wake up ata) H = 10, W = 100b) H = 9, W = 90c) H = 8, W = 80d) H = 7, W = 70e) H = 6, W = 60
21. If the taxation doubles to $24, the distortiona) declinesb) continues to be the samec) doublesd) triplese) quadruples
22. According to the Laffer Curvea) taxes revenue constantly increases together tax rates riseb) taxation revenue constantly falls as tax prices risec) taxes revenue initially rises v the taxation rate but when taxation rates acquire too high revenue starts to falld) taxation revenue initially drops with the taxes rate but when tax rates reach part optimal level revenue begins to risee) taxation revenue is unrelated come the taxation rate
c) taxation revenue at first rises through the taxation rate but when taxation rates gain too high revenue starts to fall
23. I m sorry of the following was not a peak duration for the united state debt/income ratio?a) the civil Warb) human being War Ic) world War IId) The battle on Povertye) The finish of the Cold War
24. When government runs a budget plan deficit,a) interest prices declineb) tax revenues exceed publicly expendituresc) the nationwide debt increasesd) inflation prices declinee) the outstanding stock of federal government bonds is reduced
25. Due to the fact that World battle II, with the exemption of the so late 1990s, the federal governments of most occurred countries havea) run budget surplusesb) repaid their national debtsc) run budget plan deficits in time of recessiond) retained their budgets balancede) been net lenders in time of recession
26. Through the begin of the 21st century, the occurred economies v the biggest national debt relative to GDP werea) US and Spainb) Italy and also Japanc) France and also Germanyd) Australia and brand-new Zealande) Norway and Ireland
27. The shortfall between tax receipts and government expenditure excluding interest on the nationwide debt is referred to as the a) structural budget plan deficitb) current account deficitc) primary deficitd) tax gape) blame ceiling
28. The efficiency discussion for tax smoothing is the tax-induced distortions are smallest as soon as taxes room a) levied on goods with highly elastic supply curvesb) levied on items with extremely elastic demand curvesc) not readjusted frequentlyd) raised throughout recessions and also lowered during boomse) provided to finance government consumption rather than infrastructure
29. Balancing the government"s budget plan each year woulda) permit tax prices to remain constant from year to yearb) reduce uncertainty end future taxation rates and net incomec) exacerbate recessionsd) stabilize short run GDPe) generate smaller economic distortions 보다 a policy of countercyclical deficits and surpluses



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