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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. What action does Congressman Pence suggest to respond to the increasing size of the public debt?
2. Which of the following situations best reflects John Maynard Keynes's philosophy on economic policy?
3. About what percent of GDP was the 2021 budget deficit?
4. What is the name for a taxation that is equal to an individual's willingness to pay for one more unit at the point when the marginal cost of supply is equal to the total willingness to pay for an additional unit of a good across society?
5. Which of the following statements is characteristic of a public good?
6. 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?
7. Which U.S. president tried to apply Keynesian theory to his fiscal policy?
8. What is the definition of a change that is 'pareto efficient?'
9. In which of the following areas does government commonly put into place public-private partnerships?
10. What is the most important element of Federal Spending?
11. Which of the following is an argument against subsidies?
12. 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?
13. Which of the following are negative externalities?
14. Which of the following is a major strength of the sales tax?
15. What is Ron Paul's opinion on stimulus spending?
16. What does California's Proposition 13 state, with regards to public finance?
17. What is the amount of tax in figure 4?
18. Which of the following statements is true about the relationship between taxes and labor supply?
19. Which theory suggests that people will tend to move to those neighborhoods or cities which best fit their preferences for provision of public goods and payment of taxes?
20. Which of the following terms of decentralization refers to the method by which subnational officials are selected? (Hint: From the IMF paper)
21. If the total work and leisure allocation is 80 hours, how many hours of work will the individual in Figure 9 choose to work?
22. Which of the following is an example of semi-public goods?
23. In figure 4, who bears most of the tax?
24. Which of the following is not a standard criterion for the evaluation of taxes and tax systems?
25. Which of the following best describes an automatic stabilizer?

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