Question 1

(Consider This)The collective action problem refers to:

Accepted Answer

A)  logrolling behavior that results in inefficient policies. 
B)  the tendency for legislatures to enact policies that are economically harmful. 
C)  the lack of political power of small groups of people. 
D)  difficulty in organizing and motivating large groups to achieve desired outcomes. 
A)  logrolling behavior that results in inefficient policies. 
B)  the tendency for legislatures to enact policies that are economically harmful. 
C)  the lack of political power of small groups of people. 
D)  difficulty in organizing and motivating large groups to achieve desired outcomes.

Question 2

In 2012,the U.S.federal government legislation authorized:

Accepted Answer

A)  152 earmarks totaling $3.3 trillion. 
B)  2,300 earmarks totaling $8.7 billion. 
C)  10,160 earmarks totaling $19.6 billion. 
D)  11,700 earmarks totaling $16.9 billion. 
A)  152 earmarks totaling $3.3 trillion. 
B)  2,300 earmarks totaling $8.7 billion. 
C)  10,160 earmarks totaling $19.6 billion. 
D)  11,700 earmarks totaling $16.9 billion.

Question 3

Economists call the pursuit of a transfer of wealth through government at someone else's expense:

Accepted Answer

A)  the paradox of voting. 
B)  adverse selection. 
C)  rent-seeking behavior. 
D)  the benefits-received principle. 
A)  the paradox of voting. 
B)  adverse selection. 
C)  rent-seeking behavior. 
D)  the benefits-received principle.

Question 4

The invisible hand guides government's economic activity just as it does with private economic activity.

Accepted Answer

A) True 
 B)False

Question 5

In what way,if any,does the invisible hand affect government resource allocation?

Accepted Answer

A)  It enhances government efficiency by promoting competition for resources within government. 
B)  It does not help resource allocation,as there are no competitive forces within government that automatically direct resources to their best uses. 
C)  It rewards government bureaucrats who are most efficient at implementing public policies. 
D)  It reduces government efficiency by sending market signals that interfere with government decision making. 
A)  It enhances government efficiency by promoting competition for resources within government. 
B)  It does not help resource allocation,as there are no competitive forces within government that automatically direct resources to their best uses. 
C)  It rewards government bureaucrats who are most efficient at implementing public policies. 
D)  It reduces government efficiency by sending market signals that interfere with government decision making.

Question 6

The paradox of voting is that under majority voting rules the median voter decides the election outcome.

Accepted Answer

A) True 
 B)False

(Consider This)The collective action problem refers to:

In 2012,the U.S.federal government legislation authorized:

Economists call the pursuit of a transfer of wealth through government at someone else's expense:

The invisible hand guides government's economic activity just as it does with private economic activity.

In what way,if any,does the invisible hand affect government resource allocation?

The paradox of voting is that under majority voting rules the median voter decides the election outcome.

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures: Public Goods and Externalities

Elasticity

Utility Maximization

Behavioral Economics

Businesses and the Cost of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition and Oligopoly

Technology RD and Efficiency

The Demand for Resources

Wage Determination

Rent Interest and Profit

Natural Resource and Energy Economics

Public Finance: Expenditures and Taxes

Antitrust Policy and Regulation

Agriculture: Economics and Policy

Filters

Exam 5: Governments Role and Government Failure

(Consider This)The collective action problem refers to:

In 2012,the U.S.federal government legislation authorized:

Economists call the pursuit of a transfer of wealth through government at someone else's expense:

The invisible hand guides government's economic activity just as it does with private economic activity.

In what way,if any,does the invisible hand affect government resource allocation?

The paradox of voting is that under majority voting rules the median voter decides the election outcome.

Limits, Alternatives, and Choices

The Market System and the Circular Flow

Demand, Supply, and Market Equilibrium

Market Failures: Public Goods and Externalities

Elasticity

Utility Maximization

Behavioral Economics

Businesses and the Cost of Production

Pure Competition in the Short Run

Pure Competition in the Long Run

Pure Monopoly

Monopolistic Competition and Oligopoly

Technology RD and Efficiency

The Demand for Resources

Wage Determination

Rent Interest and Profit

Natural Resource and Energy Economics

Public Finance: Expenditures and Taxes

Antitrust Policy and Regulation

Agriculture: Economics and Policy

Filters