Log in
Economics
1
answer
0
watching
99
views

Question 1

Public finance

is not like public economics

is about the taxing and spending activities of government.

only works for local and state governments.

is all of the above.

5 points

Question 2

The organic view of government refers to:

individuals and their goals are less important than the state.

individuals and their wants are more important than the state.

individuals and state are equally important.

ethical considerations are most important.

5 points

Question 3

The mechanic view of government refers to:

individuals and their goals are less important than the state.

individuals and their wants are more important than the state.

individuals and state are equally important.

ethical considerations are most important.

5 points

Question 4

State and local governments receive the largest amount of revenue from

sales taxes

property taxes.

payroll taxes.

personal income taxes.

5 points

Question 5

Education is

generally financed at the state and local level.

too expensive for the federal government.

generally financed at the federal level.

financed on a voluntary basis.

5 points

Question 6

The unified budget is

a budget that includes all nations.

a document which itemizes all the federal government’s expenditures and revenues.

a document that accounts for all spending by states.

none of the above

5 points

Question 7

The federal government gets most of its revenue from

sales taxes.

payroll taxes.

property taxes.

personal income taxes.

5 points

Question 8

The substitution effect

is when individuals consume more of one good and less of another.

is associated with changes in relative prices.

will have no effect if goods are unrelated.

is all of the above.

5 points

Question 9

The slope of a regression line is calculated by dividing

the intercept by the change in horizontal distance.

the change in horizontal distance by the change in vertical distance.

the change in horizontal distance by the intercept term.

the change in vertical distance by the change in horizontal distance.

5 points

Question 10

The function Y = f(X,Z) means

X multiplied by Y equals f.

X + Y = Z

Y is a function of both X and Z.

none of the above.

Watch
1
answer
0
watching
99
views

For unlimited access to Homework Help, a Homework+ subscription is required.

Ronaldo Mendoza
Ronaldo MendozaLv10
28 Sep 2019

Unlock all answers

Get 1 free homework help answer.
Already have an account? Log in
Share

Related textbook solutions

Principles of Economics
2nd Edition, 2017
Openstax
ISBN: 9781947172364
Principles of Macroeconomics
2 Edition,
Openstax
ISBN: 9781947172388
Principles of Microeconomics
2 Edition,
Openstax
ISBN: 9781947172340

Related questions

Please answer all of the following multiple choice questions... Thankyou!

1. International officials and business leaders have gathered to discuss free-trade policies. Outside their summit, protesters shout, "People before profit." These activists most likely align with which economic theory? (5 points)
Adam Smith's unregulated supply and demand
John Maynard Keynes's limited government intervention
John Maynard Keynes's mixed market forces
Karl Marx's collapse of capitalism
2. Marx would most likely support a plan for (5 points)
government ownership of most production
creating a worldwide free trade agreement
eliminating income taxes on the wealthy
income taxes based on ability to pay
3. Supply and demand determines prices levels for goods and services in a (5 points)
market economy
traditional economy
demand economy
command economy
4. Which of the following describes a developed/advanced nation? (5 points)
A high gross domestic product and a low per capita income
A high Human Development Index and a high per capita income
A low gross domestic product and a low standard of living
A low Human Development Index and a high standard of living
5. Development may be inhibited in command economies because (5 points)
government controls productivity
businesses focus on subsistence agriculture
businesses prevent specialization
individuals prohibit industrialization
6. Which of the following economic goals focuses on funding technological advances in production? (5 points)
Efficiency
Equity
Freedom
Security
7. The government institutes a new job-training program to prepare economically disadvantaged citizens for higher-paying, technologically advanced jobs. This action benefits the goal of equity by (5 points)
ensuring workers are more productive
helping minimize the education gap
raising government spending
reducing unemployment

1. With regard to health care spending patterns, we can say that
 
A. Everybody demands the same basic level of health care
B. Health care spending varies dramatically according to governments willingness to pay for such services
C. Men demand much more medical care than women
D. The elderly need much less health care than adults do
E. Only a few people (less than 5 percent) consume more than half of all health care expenditures
 
2. Which of the following is the best example of a renewable resource?
 
A. Crude petroleum
B. The ozone layer in the atmosphere
C. Library book
D. Minerals
E. Trees
 
3. All of the following are reasons for health care expenditures in the U.S. Rising EXCEPT
A. The government (FDA) restricts entry of drugs to the U.S. Marketplace
B. The demand for health care has risen
C. The federal government has had such a small role in health care
D. The supply of physicians is restricted by the American medical association
E. Health insurance is regulated on a state by state basis so someone cannot buy a less expensive policy from an insurer in another state
 
4. Free market economists argue that
 
A. Markets will not adjust to a demand shock without government intervention
B. Markets will adjust to a demand shock without government intervention
C. Central planners are best equipped to handle external shocks and get the economy back on track
D. It would take the government too long to intervene and get the economy back on track
E. Government intervention is necessary to get the economy back on track
 
5. True or false? The health care restrictions and regulations prevent the entry and exit of firms and prevent the effect of competition on prices.
 
6. True or false? In a market system, those who own the most highly valued resources have the highest incomes.
 
7. True or false? Since consumers do not have to choose whether to use their own money for health care or for something else, the role of price as an allocation mechanism does not work in health care.
 
8. Health economics is important to study for all of the following reasons EXCEPT
 
A. Spending on health care in the U.S. exceeds $2 trillion
B. The elderly are the smallest users of health care, and the young are the major users
C. Only 1% of the population account for almost 30% of total health care expenditures
D. Health care expenditures have risen from 5.9% of GDP in 1965 to over 16% of GDP today
E. None - all of these are true
 
9. An illegal drug dealer will maximize profit by providing and selling the number of drugs where
 
A. Private costs equal social costs
B. The greatest number of consumers can be derived
C. The price is maximized
D. Private property rights are best defined
E. Marginal revenue equals marginal cost

TRUE or FALSE?

1. Real GDP can never be greater than potential GDP. 

2. When foreign countries experience an increase in income, this is likely to increase our GDP. 

3. The United States economy spends about as many months in recession as it spends in expansion. 

4. If individuals decrease their consumption spending then this is likely to reduce the growth rate of GDP, all else the same. 

5. Movements of real GDP around potential GDP are called the business cycle. 

6. If total government spending in a given year was $3.7 trillion, then all of this spending counted directly in GDP as part of the government spending (G) category. 

7. The last recession in the United States began in December of 2007. 

8. During a recession, the inflation rate tends to decline. 

9. Changes in spending that cause firms to change their level of production of goods/services are called supply shocks. 

10. All else the same, an increase in income in the United States leads to a decrease in our net exports. 

11. Since 1929 there have been 14 declared recessions in the United States. 

12. Total spending in the economy is equal to consumption + investment + government spending - net exports. 

13. During each recession, potential GDP falls. 

14. Percentage wise, the government collects more tax from individuals than it does from firms. 

15. During a recession, the Federal Reserve pursues contractionary monetary policy. 

16. During a recession, the Federal Reserve is most likely to sell government bonds to the public. 

17. Investment spending increases during periods of recession. 

18. Congress meets about every 6 - 8 weeks to discuss the performance of the economy and potential changes to fiscal policy. 

19. If there is more competition among firms, then the inflation rate will tend to increase. 

20.The demand for labor increases when the economy is in an expansionary phase. 

21. Total spending by the government is about 20% of GDP in the US economy. 

22. The unemployment rate decreases during periods of expansion. 

23. If oil prices increase by 20% then this is an example of a supply shock. 

24. When the Federal Reserve buys government bonds, interest rates are likely to fall. 

25. If Congress wanted to help the economy out of a recession, they would be most likely to reduce government spending and/or increase taxes. 

 

Falsenot in accordance with the fact or reality or actualityMore (Definitions, Synonyms, Translation)

Weekly leaderboard

Home
Homework Help 3,900,000
Economics 400,000
Start filling in the gaps now
Log in