2Question 1.Which cattegory represents the largest share of local government exp

Question

2Question 1.Which cattegory represents the largest share of local government expenditures? A. Parks and recreation B. Education C. Police and corrections D. Highways Question 2.Which category represents the largest category of federal government receipts? A. Individual income taxes B. Employment taxes (e.g., FICA or Social Security) C. Business income taxes Question 3. Which of the following is a public good? A. Meals purchased at a national park B. Your personal automobile C. Concert in a city park 2 points Question 4. In markets for private goods with external benefits, what is the likely market outcomes? A. Decisions based on private benefits generate an efficient outcome B. Decisions based on private benefits generate quantity that is less than the efficient amount C. Decisions based on private benefits generate quantity that is more than the efficient amount Question 5. Political candidates can increase their chances of getting elected by aligning their policy proposals with the beliefs of the median voter. A. True B. False

Explanation / Answer

1. B. Education

2. B. Employment taxes (e.g., FICA or Social Security)

3. C. Concert in a city park

4. C. Decisions based on private benefits generate quantity that is more than the efficient amount

5. A. True

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