At Joey’s Lawncutting Service, a lawn mower cannot cut grass without a laborer. A laborer cannot cut grass without a lawn mower. Which graph in the above figure best represents the isoquants for Joey’s Lawncutting Service when capital per day is on the vertical axis and labor per day is on the horizontal axis? A) […]
Date: September 9th, 2020
From an economic standpoint, if one believes that a group would be better off from a policy change, this implies that _____. a. a majority of the group would be better off because of the change b. a super-majority of the group would be better off because of the change c. everyone in the group […]
Date: September 9th, 2020
In addition to being a direct application of _____, user charges are also quite ______. a. the benefit principle; inefficient b. the benefit principle; efficient c. the ability-to-pay principle; inefficient d. the ability-to-pay principle; efficient ANSWER b
Date: September 9th, 2020
By 2000, the percentage of U.S. adults with a college diploma was _____. a. 18.7 percent b. 21.3 percent c. 25.6 percent d. 29.9 percent ANSWER c
Date: September 9th, 2020
It is correct to say that individuals _____ preferences and groups _____ preferences. a. have; have b. do not have; have c. do not have; do not have d. have; do no have ANSWER d
Date: September 9th, 2020
The use of a property tax to fund public schools is an example of _____. a. the benefit principle at work b. the ability-to-pay principle at work c. a compromise between the benefit and ability-to-pay principles d. the Ramsey rule at work ANSWER c
Date: September 9th, 2020
In year 2000 dollars, per pupil expenditures on education in the United States in 1940 was around _____. a. $500 b. $1000 c. $2000 d. $4000 ANSWER b
Date: September 9th, 2020
Which of the following is not a correct statement about individual and group preferences? a. Individuals have preferences b. Groups have preferences c. Individuals within groups have preferences d. Groups make collective decisions on behalf of their members ANSWER b
Date: September 9th, 2020
Which of the following is a disadvantage of the benefit principle? a. It cannot be applied to transfer programs. b. It does not apply to user charges. c. It is completely incompatible with efficiency. d. It closely resembles a market price. ANSWER a
Date: September 9th, 2020
In the year 2000, per pupil expenditures on education in the United States were around _____. a. $4000 b. $5000 c. $6000 d. $7000 ANSWER d
Date: September 9th, 2020
