Three economic questions?
a. has been a clear failure.
b. is contributing an estimated $3 billion annually to society's well-being.
c. is contributing an estimated $50 billion annually to society's well-being.
d. has produced sizable efficiency gains in the communications industry, but not in the transportation industry (railways, trucking, airlines).
2 The efficiency loss of a tax is:
a. the net value of sacrificed output caused by the tax.
b. that portion of the tax paid by producers minus the portion paid by consumers.
c. that portion of the tax paid by consumers minus the portion paid by producers.
d. the total tax revenue minus the output loss caused by the tax.
Public choice theorists contend public bureaucracies are inefficient primarily because:
a. the value of public goods is more easily measured than is the value of private goods.
b. of the absence of competitive market pressures.
c. public sector workers are more security-conscious than are private sector workers.
d. relatively low pay in government attracts workers of lesser quality.
Answer:
1 - c.
I'm not exactly sure if this one is b or c, but a is wrong: deregulation usually leads to increased efficiency due to lower costs or removed price caps. d is also wrong, deregulation can improve efficiency in all markets.
2 - d.
Taxes generate revenue, which offsets some of the total social welfare loss of the reduced output.
3 - b.
Without competitive market pressures, it's much more difficult to track true consumer and producer preferences, and many economic incentives to achieve optimal production and pricing is removed.
1. Depends on how one measures success. a.Has been a Clear failure
2. Tax is just an additional cost of providing a product. a. the net value of sacrificed output caused by the tax.
3. b. of the absence of competitive market pressures.
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