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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 U.S. President instated the first Federal Income Tax?
2. Which of the following statements is true about the relationship between taxes and labor supply?
3. Which of the following describes a common rationale for economic regulation?
4. In Figure 7, what is the effect of the subsidy on the price consumers pay for a box of widgets?
5. Which of the following statements is false?
6. What were the two most important sources of revenues for the Federal Government in 2010?
7. Which of the following are negative externalities?
8. What is meant by the term 'rent seeking?'
9. When does government failure occur?
10. What economic concept do proponents of extending the Bush tax credits frequently cite?
11. According to the Ramsey rule, which good represented in figure 5 should be taxed, the good in graph A or the good in graph B?
12. What was one major criticism of Keynesian theory?
13. What does California's Proposition 13 state, with regards to public finance?
14. What is Ron Paul's opinion on stimulus spending?
15. Who are the 'losers' from the payment of a producer subsidy?
16. What is Samuelson's definition of a public good?
17. What has been the most highly subsidized crop in recent U.S. history?
18. What is the amount of tax in figure 4?
19. What is the most important relationship between fiscal sustainability and investment markets?
20. Why does political economy reason make the closure of military bases so difficult?
21. Which of the following situations best reflects John Maynard Keynes's philosophy on economic policy?
22. What is the definition of a change that is 'pareto efficient?'
23. Which of the following is a major strength of the sales tax?
24. What was the major purpose of the Gramm-Rudman-Hollings act?
25. Why were charter schools so controversial in New Orleans?

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