. Which of the following is TRUE about education?

A) Education is a private good with external benefits like improved civic responsibilities.

B) Education is a public good and improves workplace performance.

C) Education is a public good that decreases government activities.

D) Education is a private good that only benefits the student.

 

If Paul improves the landscape of the house by planting new grass, trimming the trees and also adding a fence, making the value of his house go up. Then the following will happen:

A) Paul will be less happy because of the money he spent on his improvements.

B) the neighbors will receive external benefits.

C) the neighbors will be forced to improve their houses also.

D) marginal social benefit will be less than marginal cost.

 

. In a two-party democratic system, individuals running for office typically:

A) appeal to the "right-wing" voters in society.

B) appeal to the "middle-of-the-road" voters in society.

C) do what they think will weaken the other party long term.

D) tell the voters the truth.

 

. The median-voter rule suggests that:

A) politicians try to fool all of the voters all of the time.

B) politicians decide how to vote on an issue by looking at how other politicians will vote.

C) politicians often choose a position that reflects the preferences of the median voter.

D) politicians try to ensure that the services provided by the government are distributed equally across voters.

 

Why might a politician start a costly spending program if its costs exceed its social benefits?

A) The politician is trying to find ways to raise more money for the next election.

B) The politician gains prestige and voters are not well informed of the benefits and costs.

C) Voters do not care about the costs of programs, as long as their taxes do not go up.

D) The costs cannot be measured therefore the politicians focus on the benefits which are explicit.

 

. Explain the difference between private and public goods.

 

 

 

 

.     Explain the Free Rider problem.

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