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Public Finance 10Th Ed by Harvey Rosen - Test Bank
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, Chapter 01Introduction
Multiple Choice Questions
1. Public finance
A. is not like public
economics.
B. develops principles for understanding the economic role of
government.
C. only works for local and state
governments.
D. all of these answer options are
correct.
2. A regulatory budget would
A. provide an accounting of government
regulation.
B. be difficult to
compute.
C. have to be attempted
unofficially.
D. all of these answer options are
correct.
3. The federal government
A. is the largest taxing entity in the
country.
B. is only concerned with international
issues.
C. spends heavily on net
interest.
D. all of these answer options are
correct.
1-1
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
,4. State and local governments receive the largest amount of revenue from
A. personal income
taxes.
B. property
taxes.
C. sales
taxes.
D. payroll
taxes.
5. The federal government gets most of its revenue from
A. personal income
taxes.
B. property
taxes.
C. sales
taxes.
D. payroll
taxes.
6. In a pure market economy,
A. there is no role for
government.
B. government intervention might be
needed.
C. large markets where people meet to buy and sell are
required.
D. all of these answer options are
correct.
7. A government good or service includes
A. bridge
s.
B. park
s.
C. national
defense.
D. all of these answer options are
correct.
1-2
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
, 8. Government output is hard to account for because government
A. is so
large.
B. provides goods that have no resale
value.
C. keeps secrets about what it
produces.
D. goods are generally not sold or produced in easily
measurable units.
9. Economists who study the role of government in the market
A. agree mostly on the role that the government
should play.
B. study for market problems that the government might
help solve.
C. find that supply and demand graphs never work for the
government.
D. none of these answer options are
correct.
10. Economics
A. started as a business
application.
B. can never be
defined.
C. is the study of unlimited wants but limited
resources.
D. has no "real world"
relevance.
11. Taxes
A. are mandatory
payments.
B. are necessary for financing government
expenditures.
C. do not directly relate to the benefit of government goods and
services received.
D. all of these answer options are
correct.
1-3
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of
McGraw-Hill Education.
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