Question 1.Which cattegory represents the largest share of local government expe

Question

Question 1.Which cattegory represents the largest share of local government expenditures?

A. Parks and recreation

B. Education

C. Police and corrections

D. Highways

Question 2.Which category represents the largest category of federal government receipts?

A. Individual income taxes

B. Employment taxes (e.g., FICA or Social Security)

C. Business income taxes

Question 3. Which of the following is a public good?

A. Meals purchased at a national park

B. Your personal automobile

C. Concert in a city park 2 points

Question 4. In markets for private goods with external benefits, what is the likely market outcomes?

A. Decisions based on private benefits generate an efficient outcome

B. Decisions based on private benefits generate quantity that is less than the efficient amount

C. Decisions based on private benefits generate quantity that is more than the efficient amount

Question 5. Political candidates can increase their chances of getting elected by aligning their policy proposals with the beliefs of the median voter.

A. True

B. False

Explanation / Answer

Because the median voter theorem states that "a majority rule voting system will select the outcome most preferred by the medianvoter".

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