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501784RR Markets and Government 1. Governments can provide

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501784RR Markets...
501784RR Markets and Government
1. Governments can provide infrastructure, information, and regulation to help lower the cost of
A. private property.
B. labor.
C. raw materials.
D. market transactions.
2. A fundamental responsibility of government is to intervene in markets where the private cost of some activity is
A. neither higher than nor less than the social cost.
B. higher than the social cost.
C. less than the social cost.
D. different from the social cost.
3. In the House of Representatives, the _______ Committee can determine when and how a bill is debated, including the permissible number of amendments that may be considered.
A. Mark-up
B. Finance
C. Ways and Means
D. Rules
4. Under _______ the government or some other regulatory body sets a cap for the total amount of emissions of a certain pollutant, such as SO2 or CO2.
A. Paternalism
B. Pigovian tax
C. regulation
D. cap-and-trade
5. Ideally, the revenues generated by a _______ tax on cigarettes will more or less precisely offset the social costs of cigarette smoking.
A. Pigovian
B. recessive
C. Coase
D. progressive
6. Based on observations related to intensity of preference among political interest groups, which of the following would be the key insight?
A. Large organized groups have an advantage when it comes to winning benefits from the political system.
B. Large grassroots movements tend to be disorganized.
C. Small organized groups have an advantage when it comes to winning benefits from the political system.
D. People with strong values have intense preferences.
7. Most environmental problems are the result of _______ externalities.
A. unknown
B. negative
C. positive
D. undefined
8. Which of the following weaknesses applies most specifically to a presidential, as opposed to a parliamentary, system?
A. Coalition instability
B. Gatekeeper prerogatives
C. Excessive minority party influence
D. Gridlock
9. Which of the following strategic points of entry into the political process best reflects democratic consensus?
A. Executive order
B. The courts
C. Referendum
D. Federal regulator agency
10. _______ is the mechanism that brings the supply of a good or service into equilibrium with demand.
A. Price
B. Uncertainty
C. Scarcity
D. Opportunity cost
11. Several large companies that collude to act as a de facto monopoly are generally referred to as a/an
A. oligopoly.
B. oligarchy.
C. trust.
D. cartel.
12. When older technologies are replaced by new technologies and new ways of organizing work supersede older practices, old technologies and old skills become dated. Economist Joseph Schumpeter coined the phrase _______ to describe this phenomenon.
A. "creative destruction"
B. "marginal social cost"
C. "future shock"
D. "cultural lag"
13. The Luddites were found guilty of wrecking
A. automated printing presses.
B. railroad cars laden with foreign produce.
C. ATM machines.
D. textile manufacturing machines.
14. At Motel Zee, for most of the year, the supply of motel rooms exactly matches the demand for rooms. This is called _______
A. market productivity
B. market failure
C. market transaction
D. market equilibrium
15. Which of the following statements is true?
A. Where a political map is composed of legislative districts, at least two legislators must be elected from each district.
B. In a district-based election, gerrymandering favors whomever gets to draw the district boundaries to gain an electoral advantage.
C. Under the internationally accepted rules of proportional representation, a party that wins fewer than 10 percent of the vote won't win any seats in the legislature.
D. Where a plurality rule applies to an at-large election, the person who gets the majority of the votes is the winner.
16. Jason and Jane are discussing the properties of markets. Jason argues that because markets are driven by voluntary actions, market outcomes always promote the overall social welfare. Jane argues that while markets may make many people better off, illegal markets have the same "self-healing" properties as legal markets and reduce overall social welfare. Who is correct?
A. Both Jason and Jane are correct.
B. Only Jason is correct.
C. Only Jane is correct.
D. Neither Jason nor Jane is correct.
17. As illustrated by a lighthouse, both nonrivalry and nonexclusivity are attributes of
A. club goods.
B. common-pool resources.
C. private goods.
D. public goods.
18. When you divide the percentage change in quantity supplied by the percentage change in price, you're specifically concerned with determining
A. elasticity of price.
B. price elasticity of supply.
C. price elasticity of demand.
D. elasticity
Submitted: 1 year ago.Category: Homework
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