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ECON305 Final Exam - Public Finance
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MCQs on Public Finance, which rests at the intersection of two disciplines: Public Economics and Public Choice.

ECON305 Final Exam - Public Finance
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25 Questions

1. Which of the following are negative externalities?
2. The simplified version of the Ramsey rule states which of the following?
3. According to the Rent Seeker Watch blog, what was the major opposition to providing the home mortgage interest deduction?
4. Which of the following describes a common rationale for economic regulation?
5. Which U.S. President instated the first Federal Income Tax?
6. What is the most important relationship between fiscal sustainability and investment markets?
7. Which of the following is true of neutral tax?
8. What term refers to a per-unit tax on a good generating a negative externality that is equivalent to the marginal externality at the socially efficient quantity?
9. Who are the 'winners' from the payment of a producer subsidy?
10. What economic concept do proponents of extending the Bush tax credits frequently cite?
11. Which of the following terms of decentralization refers to the method by which subnational officials are selected? (Hint: From the IMF paper)
12. Which of the following are classified in the U.S. Federal Budget as mandatory spending?
13. Which of the points on figure 2 is 'pareto optimal?'
14. What are Holcombe's arguments against common usage of the word 'public good?'
15. What findings of the CPO report does Dustin Ensinger cite regarding the effects of the stimulus spending?
16. The Laffer curve is meant to demonstrate what idea?
17. According to the Coase theorem, what prevents externality problems from being resolved by bargaining?
18. If the government proposes a tax rate higher than the one shown at point B in Figure 6, what would be the result, according to the Laffer curve idea?
19. What is one major cause of California's large revenue shortfalls in the state's budget?
20. What action does Congressman Pence suggest to respond to the increasing size of the public debt?
21. Why might decentralization help to improve the quality of government?
22. In Figure 6, which point on the curve represents the maximum level of tax revenue?
23. What is the effect of paying a subsidy on consumer surplus, for a normal good with moderately elastic demand?
24. What is Ron Paul's opinion on stimulus spending?
25. Which of the following is an example of semi-public goods?

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