MIDTRM1C - Economics 275(Public Finance Midterm Examination...

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Economics 275 (Public Finance) Midterm Examination Winter 1994 Name ________________________________________________________________ ______ ProblemPossible PointsTotal Points 1-102 points each20 11-125 points each10 13-1810 points each60 1915 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 11pages. Please make sure you have them all. File: midtrm1c.275 Printed:
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Section 1:Definitions: Give the term that best fits each definition. 2 points each. Multiple Choice: Choose the one best response. 2 points each 1)A good that provides nonexcludable and nonrival benefits to all people in a given society. 2)A game situation in which the best common choice of strategies is unstable, offers great incentives to cheat, and leads to the worst choice possible. 3)A problem faced by insurance companies when those who have bought insurance subsequently change their behavior so as to increase the probability of the occurrence of any loss or of a larger loss. 4)The difference between the maximum sum of money consumers would pay for a given quantity and the actual sum they do pay. 5)An allocation of resources such that no person can be made better off without making another person worse off. 6)When paired majority voting on more than two possiblitites goes on indefinitely without a conclusion ever being reached. 7)The trading of votes to obtain passage of a package of legislative proposals.
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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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MIDTRM1C - Economics 275(Public Finance Midterm Examination...

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