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13 Dec 2019

A key reason why bad economics (Benefits < Costs) can be good politics is that:

A. benefits may be much more concentrated than the costs.

B. costs may be much more concentrated than benefits.

C. deferred and concealed benefits.

D. costs are much more visible than benefits.

E. none of the above

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Deanna Hettinger
Deanna HettingerLv2
17 Dec 2019
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Related questions

QUESTION 16

Positive externalities exist because:

  a.

internal benefits are greater than external benefits.
  b.

internal benefits are greater than social benefits.
  c.

internal benefits are less than external benefits.
  d.

external benefits are greater than social benefits.
  e.

internal benefits are less than social benefits.

QUESTION 17

What is a black market?

  a.

It is an illegal market that emerges when binding price ceilings are in place.
  b.

It is an illegal market that emerges when only binding price ceilings and binding price floors are in place.
  c.

It is an illegal market that emerges when no price controls are present.
  d.

It is an illegal market that emerges when binding and nonbinding price controls are in
place.
  e.

It is an illegal market that emerges when binding price floors are in place.

QUESTION 18

The personal decisions of consumers and firms are based on:

  a.

external costs.
  b.

public-good costs.
  c.

third-party costs.
  d.

internal costs.
  e.

social cost.

QUESTION 19

When the price is _________ the equilibrium price, we would expect there to be a _________, causing the market to put _________ pressure on the price until it went back to the equilibrium price.

  a.

below; shortage; downward
  b.

above; shortage; downward
  c.

above; surplus; upward
  d.

above; surplus; downward
  e.

below; surplus; upward

 

2a)

A market in which there are neither external benefits nor external costs is:

Select one:

a. efficient.

b. inefficient.

c. efficient and equitable.

d. impossible.

2b)

According to the special-interest theory of government, government officials and policymakers:

Select one:

a. are assumed to maximize social good.

b. tend to listen to small groups of people who contribute money to their political campaigns.

c. manage resources to maximize efficiency.

d. have a strong incentive to ensure that society's members equally benefit from a project.

2c)

Scientific research is subsidized by the government because

Select one:

a. it yields benefits to consumers and producers who did not participate in the research.

b. researchers are under-paid by private firms, so the government must make up the difference.

c. much scientific research takes place at state-funded universities.

d. scientific research has no market value so would not be undertaken without government intervention.

2d)

The forces of supply and demand will provide a quantity that is

Select one:

a. less than the efficient quantity if a good generates external benefits.

b. more than the efficient quantity if a good generates external benefits.

c. exactly the efficient quantity if a good generates external benefits.

d. either more than or less than the efficient quantity if a good generates external benefits. It is impossible to know whether it will be too much or too little without more information.

3. Some practical difficulties of democracy from an economic point of view include:

a. The actors in the political system are presumed to follow their own self-interest, which is not necessarily the same as the public good.

b. Benefits or costs of government action are sometimes concentrated on small groups, which in some cases may organize and have a disproportionately large impact on politics and in other cases may fail to organize and end up neglected.

c. A legislator who worries about support from voters in his or her district may focus on spending projects specific to the district without sufficient concern for whether this spending is in the interest of the nation.

d. All of the above

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