CPE Final Exam Terms| 81 Questions & Answers 100% Correct
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Course
CPEN
Institution
CPEN
CPE Final Exam Terms| 81 Questions &
Answers 100% Correct
Tiebout Model Correct Answer-• A theory where you have a lot of local governments
providing the public goods and services
• The local governments best know their constituents and they can provide them with the
things they want
Emperor's Singing Contest Correct Answer-• The problem is that the second singer might
be much worse than the first singer
o We should just look at half of the problem before declaring a solution
• This is an example of how we act in public choice
o We begin by implementing stuff (like markets) then we later find out that is doesn't work so
we stop it and we just go with other method (government)
o We do this because we just assume that government can solve the problems
• When there are market failures, we often just think that the government should be used to
correct them
o This is what economists thought for a long time
• This teaches us that just because you can see a flaw in one does not mean the other is the
most optimal choice
Friedman's 4 ways to Spend Money Correct Answer-On Me On You
Spend Mine Worried about Costs and Benefits Worried about the Costs
Spend Yours Worried about the Benefits Don't care about either
• Government is spending someone else's money on someone else
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