A key difference between clubs and government is _____
a. government requires everyone within its jurisdiction to participate
b. government acts on behalf of the poor
c. government is not frivolous, like most clubs
d. government requires collective action
a
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Unilateral transfers represent
A) the balance of services coming into a country. B) the balance of government bonds bought and sold by residents of a country. C) the balance of financial gifts—both private and public—entering and leaving a country. D) the balance of official transfers within an economy.
Given that resources can be allocated by the government, the market, a random process, or on a first-come first-serve basis, which of the following statements is true?
a. The market system is not entirely fair but it creates incentives to increase supplies and improve standards of living. b. The random process of allocation allows individuals to acquire purchasing power and enhances the value of the resources that they own. c. Since the government system does not distinguish between those who have income and those that do not, government allocation of resources is the most efficient. d. There will be no shortages under the first-come first-serve basis of allocation. e. A random process of allocation is fair in the sense that everyone gains and there are no losers.
The goal of expansionary fiscal policy is to shift the _________ curve to the _________
Fill in the blank(s) with the appropriate word(s).
Which of the following statements is true regarding the expected revenues of auctions with risk-neutral bidders where value estimates are affiliated?
A. English > Second price > Dutch = First price. B. English = First price = Dutch = Second price. C. Second price > English > Dutch > First price. D. First price = Dutch > Second price > English.