MIDTRM1B

MIDTRM1B - Economics 275 (Public Finance) Midterm...

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Economics 275 (Public Finance) Midterm Examination Winter 1994 Name ________________________________________________________________ ______ ProblemPossible PointsTotal Points 1-102 points each20 11-145 points each20 15-1910 points each50 2015 points15 Total105 Read each question carefully. If a question appears ambiguous, state the ambiguity and then proceed to make whatever clarifying assumptions you need and answer the question accordingly. The question will then be graded based on the appropriateness of the assumptions and the resulting analysis. To assure yourself of getting partial credit please include your work on the exam. This test includes 10 pages. Please make sure you have them all.
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Give the term that best fits each definition. 2 points each. Multiple Choice: Choose the one best response. 2 points each 1)A "curve" showing all possible combinations of goods among which the consumer is indifferent. 2)The inability of an unregulated market to achieve Pareto efficiency. 3)The sole supplier of a good, service, or resource that has no close substitutes. 4)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. 5)An allocation of resources such that no person can be made better off without making another person worse off. 6)The situation that occurs when an individual's behavior is affected by the fact that he or she is insured. 7)The trading of votes to obtain passage of a package of legislative proposals. 8)Total public expenditures in the United States (federal, state and local) are roughly a)10 percent of GNP. b)one-quarter of GNP.
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This note was uploaded on 07/08/2010 for the course ECON 275 taught by Professor Mcintyre during the Winter '05 term at BYU.

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MIDTRM1B - Economics 275 (Public Finance) Midterm...

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