MIDTRM1A

MIDTRM1A - Economics 275 (Public Finance) Midterm...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Economics 275 (Public Finance) Midterm Examination Fall 1992 Name ________________________________________________________________ ______ Read each question carefully. For the multiple choice questions choose the one best response. If a question appears ambiguous, state the ambiguity and then proceed to make whatever clarifying assumptions you need and answer the question accordingly. If you need additional paper to complete any of the problems, please clearly label your work and attach the extra sheets to your test.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Section I - Definitions - 2 points each A cost or benefit arising from an economic transaction that falls on a third party and that is not taken into account by those who undertake the transaction. A "curve" showing all possible combinations of goods among which the consumer is indifferent. The rate at which a person will give up one good in order to get more of another good and at the same time remain indifferent. The inability of an unregulated market to achieve Pareto efficiency. The proposition that political parties and candidates will pursue policies that maximize the net benefit of the median voter. An economy that relies partly on a command mechanism and partly on a market mechanism to coordinate economic activity. The sole supplier of a good, service, or resource that has no close substitutes. The process of selling state-owned enterprises to private individuals and firms.
Background image of page 2
A good each unit of which is consumed by everyone and from which no one can be excluded. The incentive to let other people pay for a public good while you enjoy the benefits. Payments from the government to individuals in the form of commodities or services rather than cash. The voter whose preferences lie in the middle of the set of all voter's preferences; half the voters want more of the item selected, and half want less. A commodity that ought to be provided even if the members of society do not
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 07/08/2010 for the course ECON 275 taught by Professor Mcintyre during the Winter '05 term at BYU.

Page1 / 12

MIDTRM1A - Economics 275 (Public Finance) Midterm...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online