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Exam 5: Public Goods, Public Choice, and Government Failure

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Question 101

Multiple Choice

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As voters "vote with their feet" and move to political districts where the median voter's preference is closer to their own, the median voter's preference will

A) strengthen.
B) weaken.
C) shift.
D) stagnate.

E) C) and D)
F) A) and D)

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Question 102

Multiple Choice

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Inefficiencies associated with majority voting may get resolved through

A) using the median-voter model.
B) bureaucratic inefficiency.
C) the paradox of voting.
D) political logrolling.

E) A) and C)
F) B) and D)

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Question 103

Multiple Choice

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Lobbying actions that seek government legislation to provide tax breaks to specific organizations or industries would be an example of

(Consider This) Why do street performers face a free-rider problem? How do they try to reduce this problem?

Economists call the pursuit of extra profit or income by influencing government policies,

The pursuit through government of special benefits at society's expense is called "rent seeking."

Explain the principal-agent problem for a representative democracy.

The median-voter model indicates that political parties will

An economic analysis of the relationship between proposed legislation affecting major employers in each state and the voting patterns of senators and representatives in Congress on that legislation would fit within the Subcategory of economics called

Toll-free roads sometimes get congested, such as during rush-hour traffic. During those times, we would say that these roads are

A government is considering undertaking a construction project of an increasing scale (ranging from 1, 2, 3, to 4) . The estimated marginal costs and marginal bene?ts of each successive scale of the project are given in the Table below. $\begin{array} { | c | c | c | } \hline \text { Project } & \begin{array} { c } \text { Marginal Cost } \\\text { (in millions) }\end{array} & \begin{array} { c } \text { Marginal Benefit } \\\text { (in millions) }\end{array} \\\hline 1 & \$ 8 & \$ 11 \\\hline 2 & 11 & 13 \\\hline 3 & 18 & 17 \\\hline 4 & 28 & 23 \\\hline\end{array}$ What is the net bene?t of project scale 2?

Special-interest groups result from people with strong preferences on a particular issue banding together to let policymakers know their preferences and could thereby lead to efficient outcomes.

Public goods are those for which there

If choice A wins over choice B in a majority vote, while choice B wins over choice C in a majority vote, then we can conclude that choice A would win over choice C.

The median-voter model implies that

Assume that Matt, Joe, and Teresa are the only citizens in a community. A proposed public good has a total cost of $1,000. All three citizens will share an equal portion of this cost in taxes. The benefit of the public good Is $500 for Matt, $280 for Joe, and $260 for Teresa. In a majority vote, this proposal will most likely be

Refer to the table. The outcomes of the three possible sets of paired-choice majority votes illustrate the

Majority voting assures that government will provide a public good if it yields total benefits in excess of total costs.

Define earmarks.

(Last Word) Should government subsidize corporate relocations?