Entitlements are government programs for which _____
a. funds are provided for those who meet the eligibility requirements
b. funds are appropriated to an agency in one lump sum
c. social services are provided
d. b and c
a
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A negative externality exists when
A. a person's or group's actions cause a benefit that is felt by others. B. a person's or group's actions cause a cost that is felt by others. C. market output is less than socially optimal output. D. a and c E. b and c
When we calculate the marginal physical product of labor, we assume
a. all resources increase proportionately with the quantity of labor b. all other resources are held constant (are unchanging) c. output is fixed (unchanging) d. the wage rate is fixed (unchanging) e. the prices of all resources used in production are fixed (unchanging)
When the supply of real loanable funds is upward-sloping and the demand for real loanable funds rises, complete crowding-out:
a. Occurs because private demand falls by the same amount that government borrowing rises. b. Does not occur because taxes rise with the increase in real GDP. c. Does not occur because new funds are supplied to the Real Loanable Funds Market as the real, risk-free interest rate rises. d. Occurs because private borrowers will increase the amount their loans as the real risk-free interest rate rises.
Most excise taxes are
A. progressive. B. proportional. C. regressive.