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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 are some reasons for government failure?
2. About what percent of GDP was the 2021 budget deficit?
3. What is meant by the term 'rent seeking?'
4. According to the NMcbeth reading, what are some key components of interest group formation?
5. In figure 3 of the Pigouvian tax model, what is the price marked by point A known as?
6. Which U.S. President introduced the first progressive system of taxation?
7. Which of the following is an example of semi-public goods?
8. When does government failure occur?
9. What are Holcombe's arguments against common usage of the word 'public good?'
10. What is the economic term for someone who enjoys the benefits of consumption of a good without paying for it?
11. Which of the following statements is characteristic of a public good?
12. In 2006-2007, what are the two largest areas of California state spending?
13. In figure 7, what is the effect of the subsidy on the quantity of boxes of widgets demanded by consumers after the subsidy?
14. What was one major criticism of Keynesian theory?
15. Which of the following statements is false?
16. Which of the following describes the budget approval process in the state of California?
17. What is the effect of paying a subsidy on consumer surplus, for a normal good with moderately elastic demand?
18. If the total work and leisure allocation is 80 hours, how many hours of work will the individual in Figure 9 choose to work?
19. What is a public subsidy?
20. Which of the following describes a common rationale for economic regulation?
21. The simplified version of the Ramsey rule states which of the following?
22. Which of the following terms of decentralization refers to the method by which subnational officials are selected? (Hint: From the IMF paper)
23. Which of the following statements is true about the relationship between taxes and labor supply?
24. 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?
25. What do critics of farm subsidies argue regarding the farm subsidies' effects on developing countries?

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