Government Finance
Exam Answer Key
Course Introduction
Government Finance examines the economic role of government in the allocation, distribution, and stabilization of resources within an economy. The course covers fundamental concepts such as public goods, externalities, taxation, government expenditures, budgetary processes, and fiscal federalism. Students analyze how governments raise revenue through various tax systems, the implications of public debt, and the efficiency and equity effects of fiscal policies. Case studies and real-world examples illustrate the impact of government financial decisions on economic development and social welfare.
Recommended Textbook
Public Finance and Public Policy 5th Edition by Jonathan Gruber
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1045 Verified Questions
1045 Flashcards
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Page 2
Chapter 1: Why Study Public Finance
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Sample Questions
Q1) By 2010,approximately ________ of the nonelderly United States population did not have health insurance.
A) 5%
B) 15%
C) 18%
D) 25%
Answer: C
Q2) The goal of public finance is to:
A) understand the proper role of corporations in the economy.
B) understand the proper role of the government in the economy.
C) determine the best way to increase government's role in the economy.
D) determine the best way to decrease government's role in the economy.
Answer: B
Q3) Which of the following might be an indirect unintended effect of providing income support to those without jobs?
A) Those without jobs are made better off.
B) Those without jobs are made worse off.
C) People without jobs now search for and acquire jobs.
D) People without jobs no longer search for and acquire jobs.
Answer: D
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Chapter 2: Theoretical Tools of Public Finance
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Sample Questions
Q1) Producer surplus can be defined as the difference between:
A) the demand curve and the price of the good.
B) the supply curve and the price of the good.
C) the supply curve and the demand curve.
D) the price charged by sellers and the price paid by buyers.
Answer: B
Q2) Explain what is represented by the slope of the budget line and the slope of the indifference curve.How does an increase in income affect the slopes?
Answer: The slope of the budget constraint is the ratio of the prices of the two goods.This is the rate at which the market allows you to trade off one good for another.The slope of the indifference curve is the marginal rate of substitution,which is the rate at which the consumer wants to trade off one good for another.An increase in income does not change the slope of either,because the ratio of prices has not changed (the slope of the budget constraint)and the consumer's preference for trading off one good for the other has not changed (the slope of the indifference curve).
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Chapter 3: Empirical Tools of Public Finance
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Sample Questions
Q1) What is the fundamental difference between correlation and causality? Why is it important to distinguish between them?
Answer: Two economic variables are correlated if they move together.But this relationship is causal only if one of the variables is causing the movement in the other.If,instead,there is a third factor that causes both to move together,the correlation is not causal.It is important to distinguish them because knowing that two factors are correlated provides no predictive power; prediction requires understanding the causal links between the factors.
Q2) Suppose one study uses data on prices and cigarette smoking behavior to estimate the overall effect of cigarette-price changes on smoking,while another uses the same data to decompose the effect into income and substitution effects.The first study provides _________ estimates; the second provides __________ estimates.
A) reduced form; reduced form
B) structural; structural
C) quasi-experiment; randomized
D) reduced form; structural
Answer: D
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Chapter 4: Budget Analysis and Deficit Financing
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Sample Questions
Q1) In January 2001,the Congressional Budget Office (CBO)projected a budget surplus of nearly $6 trillion over the next 10 years,but it never materialized.According to the textbook,what does this erroneous projection imply?
A) Forecasting 5 or 10 years into the future is very difficult.
B) The CBO produces politically biased forecasts.
C) The forecasters at the CBO provide less accurate estimates than would forecasters in private practice.
D) Long-term forecasts are more accurate than short-term forecasts.
Q2) Under which president did the United States experience the greatest decline in the deficit?
A) Jimmy Carter
B) Ronald Reagan
C) William "Bill" Clinton
D) George W.Bush
Q3) When the price level rises,the:
A) real deficit increases.
B) real deficit falls.
C) nation forgoes more consumption to pay the debt.
D) real burden of the deficit is not affected.
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Page 6
Chapter 5: Externalities- Problems and Solutions
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Sample Questions
Q1) If utilities pollute the air too much in private equilibrium,corrective taxation of the utilities would:
A) shift the private marginal cost curve downward.
B) shift the private marginal cost curve upward.
C) reduce pollution and shift the private marginal cost curve downward.
D) reduce pollution and shift the private marginal cost curve upward.
Q2) _____ is a problem that causes the market economy to deliver an outcome that does not maximize efficiency.
A) Internalities
B) Externalities
C) Moral hazard
D) Market failure
Q3) If the social marginal benefit curve of reducing pollution is locally flat,which statement must be true?
A) The benefit to society pollution reduction is larger than if the curve is steep.
B) The marginal damage curve of pollution is steep.
C) The marginal damage curve of pollution is flat.
D) The marginal damage associated with reducing pollution is very large.
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Chapter 6: Externalities in Action- Environmental and Health Externalities
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Q1) In the fall of 2014,a landmark agreement to slow emissions growth was reached between:
A) China and the United States.
B) Russia and China.
C) Russia and the United States.
D) all industrialized countries with the exception of the United States.
Q2) If all the effects of secondhand smoke occurred among a person's family in his or her home,is there any alternative to a public sector approach of taxes,subsidies,or regulation to resolving this externality? Explain.
Q3) The Clean Air Act of 1970 and the 1990 amendments can be judged as a success if the:
A) benefits of the regulations resulted in improved health outcomes.
B) costs of the regulations did not include significant job loss.
C) the benefits of lowering particulate emissions are greater than the net economic costs.
D) regulations result in a reduction in greenhouse gas emissions and acid rain.
Q4) Discuss the difference between the problem of global warming and the problem of ozone depletion,including how these differences have affected resolutions to the underlying problems.
Page 8
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Chapter 7: Public Goods
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Sample Questions
Q1) The value of altruistic and communal behavior in society is:
A) social capital.
B) human capital.
C) the benefits index.
D) the human factor.
Q2) Which factor is likely to prevent private market forces from providing the optimal amount of a public good?
A) non-satiated preferences
B) large differences among individuals in their demand for the public good
C) little to no difference among individuals in their demand for the public good
D) the free rider problem
Q3) What are the options available to government when deciding whether to rely on the private sector or the public sector to provide public goods? Use the example of prisons to illustrate.
Q4) What property must a good satisfy to be a pure public good?
A) It must be nonrival in consumption.
B) It must be rival in consumption.
C) It must be nonrival in production.
D) It must be rival in production.
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Chapter 8: Cost-Benefit Analysis
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Sample Questions
Q1) The search for the least costly way of providing a desired public good is:
A) contingent valuation.
B) revealed preference.
C) social discounting.
D) cost-effectiveness analysis.
Q2) The opportunity cost of an input that is sold in a perfectly competitive market is:
A) greater than the price of the input.
B) less than the price of the input.
C) equal to the price of the input.
D) not related to the price of the input.
Q3) Suppose government can pursue up to three projects.The first has benefits of $1,080 and costs of $1,000; the second has benefits of $1,180 and costs of $1,000; the third has benefits of $1,230 and costs of $1,000.Suppose that it costs $0.20 for the government to raise a dollar in revenues.Which project(s)should the government pursue?
A) the first project
B) the second project
C) the third project
D) None of the answers is correct.
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Chapter 9: Political Economy
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Sample Questions
Q1) Which of the following is TRUE of median voter outcomes?
A) They are socially efficient.
B) They are never socially efficient.
C) They do not reflect the intensity of voters' preferences.
D) They are the same outcomes that would prevail without government intervention.
Q2) In the town of New Era,Mary,Scott,and Fredo are all running for the same spot on the village council.New Era residents care only about infrastructure improvements; they know everything about the candidates' positions on that issue but know nothing about their positions on policing.Which of the following assumptions of the median voter model is being violated?
A) full information
B) voter rationality
C) the existence of only two candidates
D) single-dimensional voting
Q3) Discuss the recent experiences of the U.S.defense industry in contracting out without competitive bidding.Are they successful ventures? What might be the fundamental problem in these contracts?
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11
Chapter 10: State and Local Government Expenditures
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Sample Questions
Q1) To the extent that federal block grants do not replace state spending but increase overall spending,there is:
A) a flypaper effect.
B) no income effect.
C) no substitution effect.
D) crowding out
Q2) An implication of the Tiebout model is that there is _________ similarity in preferences among people living in urban areas than in rural areas,and people in __________ areas are more satisfied with the level of public goods spending.
A) less; urban
B) more; urban
C) less; rural
D) more; rural
Q3) Which of the following is consistent with the assumptions in the Tiebout model?
A) Local governments raise money using property taxes.
B) Public parks in one town also benefit neighboring towns.
C) Policing in one town does not affect criminal behavior in another town.
D) Public services are equivalent in every community.
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Chapter 11: Education
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Sample Questions
Q1) Someone argues that under any voucher system,schools will try to avoid taking the students who are the most difficult to teach.This criticism is an example of the concern about:
A) segregation.
B) provision of education as a natural monopoly.
C) the high costs of special education.
D) vouchers as an inefficient and inequitable use of public resources.
Q2) Someone argues that vouchers would lead to the brightest students leaving the public school system.This criticism expresses a concern about:
A) excessive school specialization.
B) segregation.
C) provision of education as a natural monopoly.
D) vouchers as an inefficient and inequitable use of public resources.
Q3) Which of the following is NOT a problem of school vouchers?
A) consumer sovereignty
B) excessive school specialization
C) school segregation
D) inefficient and inequitable use of public resources
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Chapter 12: Social Insurance- the New Function of Government
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Sample Questions
Q1) A wide variety of private insurance products exist in the United States,including all of the following EXCEPT:
A) auto insurance.
B) life insurance.
C) casualty and property.
D) Medicare.
Q2) Asymmetric information between buyers and sellers results in:
A) adverse selection.
B) rent seeking.
C) moral hazard.
D) X-inefficiency.
Q3) You lower the deductible on your car insurance and start driving like Michael Schumacher (a retired Formula One race car driver).This is an example of:
A) adverse selection.
B) rent seeking.
C) moral hazard.
D) X-inefficiency.
Q4) Is self-insurance more likely to be chosen by rich or by poor people? Explain why.
Page 14
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Chapter 13: Social Security
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Sample Questions
Q1) The earnings test in Social Security is essentially a:
A) tax on earnings.
B) subsidy on earnings.
C) forced savings mechanism.
D) redistribution mechanism.
Q2) Suppose that someone wishes to address the problems with Social Security by mandating that those now exempt from Social Security have to enroll.That approach is equivalent to:
A) raising taxes further.
B) extending the base of taxable wages.
C) raising the retirement age.
D) lowering benefits for all recipients.
Q3) Suppose Robin participates in a plan by buying assets with the expectation that she can live on the accumulated assets when she retires.This is an example of:
A) workers' compensation.
B) a funded retirement plan.
C) an unfunded retirement plan.
D) Social Security Wealth.
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Sample Questions
Q1) Which of the following is TRUE?
A) The unemployment insurance program is fully experience-rated.
B) The unemployment insurance program is partially experience-rated.
C) The unemployment insurance program is not experience-rated.
D) Firms pay an additional tax each time they lay off a worker.
Q2) Which type of insurance is NOT publicly provided?
A) workers' compensation
B) unemployment insurance
C) disability insurance
D) Medicare
Q3) Currently,approximately _____ of unemployed workers receive unemployment insurance benefits.
A) 8.8%
B) 23.1%
C) 54.5%
D) 67.3%
Q4) How does unemployment insurance in the United States compare with that provided by European countries? Be sure to answer in terms of both benefits and funding.
16
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Chapter 15: Health Insurance I- Health Economics and
Private Health Insurance
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Sample Questions
Q1) Which of the following is the percentage of each medical bill (e.g.,20%)that the patient pays rather than a flat dollar amount?
A) copayment
B) premium
C) coinsurance
D) deductible
Q2) Which elasticity of demand with respect to health care would have the highest deadweight loss of insurance coverage,all other things equal?
A) -0.5
B) -1
C) -2
D) -3
Q3) According to the notion that flat-of-the-curve medicine is practiced in the United States,which of the following best describes the marginal health benefit from the next dollar of medical spending?
A) It decreases as more is spent on health care.
B) It increases as more is spent on health care.
C) It first increases and then decreases as more is spent on health care.
D) It first decreases and then increases as more is spent on health care.
Page 17
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Chapter 16: Health Insurance Ii- Medicare, medicaid, and Health Care Reform
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Sample Questions
Q1) Institutional care is provided in __________ and accounts for __________ of long-term care costs.
A) the patient's home; 25%
B) the patient's home; 75%
C) nursing homes; 25%
D) nursing homes; 69%
Q2) The Patient Protection and Affordable Care Act:
A) requires each state to expand Medicaid coverage to anyone who is uninsured.
B) bans insurers from denying coverage for pre-existing conditions.
C) forces health care providers to reduce fees in order to control rising costs.
D) protects doctors and hospitals from malpractice lawsuits.
Q3) Medicare is administered by ___________ and is financed by ____________.
A) states; general revenues
B) states; a payroll tax
C) federal government; general revenues
D) federal government; a payroll tax
Q4) Compare and contrast the differences between Medicaid and Medicare with respect to eligibility,premiums,deductibles,copayments,and services excluded from each program.
Page 18
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Chapter 17: Income Distribution and Welfare Programs
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Q1) Which statement describes the paradox of ordeal mechanisms?
A) Welfare systems not only make the high-income individuals worse off,they reduce the well-being of low-income individuals in the long run.
B) Making the receipt of welfare benefits less attractive and less generous may actually make the recipients better off.
C) Low-income individuals are made worse off for having received welfare because of the corresponding reduction in self-worth.
D) Welfare programs make the high-income individuals better off,even though they are the ones who are taxed to fund the welfare program.
Q2) Suppose that the government were to allow the definition of poverty to change with the cost of living in different areas to fully offset a difference in cost of living.Discuss the potential moral hazards caused by this change.
Q3) Empirical research shows that the welfare reform of 1996 has lowered welfare rolls without lowering the incomes of single mothers in the United States.Discuss the additional factors one must consider in order to determine whether this reform was successful in terms of raising the well-being of poor families.
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Chapter 18: Taxation- How It Works and What It Means
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Q1) Which item was the largest tax expenditure of the federal government in 2014?
A) exclusion of pension contributions and earnings,including 401(k)plans
B) deductibility of state and local taxes
C) exclusion of employer contributions for medical insurance from taxable income
D) deductibility of home mortgage interest
Q2) Which of the following CANNOT be subtracted from gross income as a deduction?
A) contributions to retirement savings accounts
B) reimbursed employee expenses
C) contributions to health savings accounts
D) interest paid on student loans
Q3) Suppose there is a 20% tax on the first $15,000 of taxable income,a 30% tax on taxable income above $15,000 until $30,000,and a 40% tax on all taxable income above $30,000.There is a $3,000 exemption per person.What is the marginal tax rate for a single mother making $35,000 who has one child?
A) 20%
B) 30%
C) 31.7%
D) 40%
Q4) Compare and contrast tax deductions and tax credits in terms of both efficiency and vertical equity.
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Chapter 19: The Equity Implications of Taxation- Tax
Incidence
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Q1) Which statement is TRUE regarding a $1 per gallon tax on gasoline imposed on consumers?
A) It shifts the supply of gasoline to the left.
B) It shifts the supply of gasoline to the right.
C) It shifts the demand for gasoline to the left.
D) It shifts the demand for gasoline to the right.
Q2) According to analysis by the Congressional Budget Office and Urban Institute's Tax Policy Center,which statement related to the effective tax rates by income group for the last half century is NOT true?
A) The total average tax rate on the bottom quintile fell sharply in the recession to only 1.1%.
B) The average tax rate on the top quintile was 23.8% in 2011.
C) Average corporate tax rates are small relative to income and payroll tax rates.
D) Average excise tax has fallen for the bottom of the income distribution while rising for the top.
Q3) Discuss how the sources of federal government revenue evolved in the past half-century.Do you think the change can be regarded as an equitable shift in the burden of taxation?
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Chapter 21: Taxes on Labor Supply
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Q1) If the payroll tax were to be lowered,empirical evidence suggests that:
A) secondary earners would work more hours.
B) primary earners would work fewer hours.
C) labor force participation among secondary workers would be reduced.
D) worker hours remain unchanged.
Q2) If the tax rate on income is given by t and the wage is given by w,what is the slope of the budget constraint?
A) -w + t
B) w - t + 1
C) w(t - 1)
D) w(1 - t)
Q3) Discuss fundamental labor supply elasticity differences with respect to after-tax wages of primary earners and secondary earners.
Q4) Discuss the two major limitations of the basic theory of taxation's effect on labor supply.
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Chapter 22: Taxes on Savings
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Q1) How does the precautionary saving model differ from the intertemporal choice model of saving? Discuss the importance of the functioning of credit markets with respect to the precautionary saving model.
Q2) Suppose that in the first period,a man works,earns income Y,and saves S of the income.In the second (and last)period,the man consumes his savings plus whatever interest it earned (r is the interest rate).Suppose that the government taxes interest income at a rate of t.What is the man's consumption in the second period?
A) S
B) S(1 + r - t)<sup>2</sup>
C) S(1 + r - rt)
D) S(1 + r - t)
Q3) Suppose an Individual Retirement Account (IRA)has a contribution limit of $3,000 per year and that prior to the passage of the law establishing IRAs,Hamilton was not saving any of his income.After IRAs became available,Hamilton saved $2,000 per year.Which statement is TRUE?
A) The tax subsidy in the IRA had a marginal effect on Hamilton's saving.
B) The tax subsidy in the IRA had an inframarginal effect on Hamilton's saving.
C) The income effect exceeded the substitution effect.
D) The income and substitution effects cancelled each other out.
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Page 23
Chapter 23: Taxes on Risk Taking and Wealth
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Q1) A capital gain is best defined as the:
A) accumulation of assets that comes from increased saving.
B) difference between an asset's purchase price and its sale price.
C) portion of investment earnings that is not taxed.
D) portion of investment earnings that is taxed.
Q2) The basic model of taxation and risk taking was developed by Domar and Musgrave in 1944; it reached the conclusion that:
A) it is not fair to tax the returns from risky assets.
B) taxing the returns from risky assets has no impact on risk taking.
C) taxing the returns from risky assets will actually increase risk taking.
D) taxing the returns from risky assets will discourage risk taking.
Q3) Suppose that there is a 75% chance that an investment of $1,000 will rise in value to $1,500,and a 25% chance that the investment will fall in value to $700.What is the expected return on the investment?
A) -$125
B) $25
C) $200
D) $300
Q4) Discuss the views of supporters and opponents of estate taxes.
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Chapter 24: Taxation of Business Income
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Q1) Which kind of depreciation is the TRUE deterioration in the value of capital in each period of time?
A) depreciation credits
B) depreciation allowances
C) economic depreciation
D) depreciation schedule
Q2) Which statement describes the major advantage of incorporation?
A) Incorporation solves the agency problem.
B) Income tax rates are significantly lower.
C) The owners of the firm cannot be held personally responsible for the obligations of the firm.
D) Expenses can be deducted from income.
Q3) A straight-line depreciation schedule allows an asset to be deducted from earnings more _______ than an accelerated depreciation schedule,and more _________ than expensing the investment.
A) quickly; quickly
B) quickly; slowly
C) slowly; slowly
D) slowly; quickly
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Page 25
Chapter 25: Fundamental Tax Reform and Consumption Tax
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Q1) In the theory of tax evasion,increasing the risk of getting caught _____ the marginal cost of tax evasion; reducing the penalty associated with tax evasion _____ the marginal _____ of tax evasion.
A) increases; decreases; benefit
B) increases; decreases; cost
C) increases; increases; benefit
D) decreases; increases; cost
Q2) Tax ______ is legal; tax _______ is illegal.
A) avoidance; compliance
B) compliance; avoidance
C) evasion; avoidance
D) avoidance; evasion
Q3) Suppose the government is considering replacing the current income tax system with either a national sales tax or a value-added tax.Would one of these alternatives be more desirable than the other in terms of compliance? Explain.
Q4) Explain why a simpler tax system,such as Herman Cain's 9-9-9 Plan,has not received support from Democrats or Republicans.
Q5) Identify and describe two political reasons the tax code is so complicated.
Page 26
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