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ECS3704 ASSESSMENT 3 SEMESTER 2 2023
- Course
- Public Economics (ECS3704)
- Institution
- University Of South Africa (Unisa)
ECS3704 ASSESSMENT 3 SEMESTER 2 2023
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0717513144 muzavazi47@gmail.comAccording to Nozick’s entitlement theory
Select one:
a.
rectification of an injustice implies that if person A acquired a farm at the expense of person
B and against the will of person B, then person A must keep it.
b.
redistribution of wage income is justifiable.
c.
it is just to take land from an absentee land owner.
d.
would be fair if one or both of Nozick’s first two principles of justice have been violated.
Question text
Which of the following statements is/are correct?
Select one or more:
a.
Redistribution would be Pareto efficient if negative externalities are reduced in the process.
b.
Each Pareto efficient equilibrium position occurs at a different distribution of labour and
capital between individuals.
c.
Redistribution can be seen as a public good because its benefits are excludable.
Question text
Which of the following statements is/are correct?
Select one or more:
a.
The altruist motive for income redistribution means that people are prepared to redistribute
income simply because they are concerned and generous.
b.
A point such as F’ in figure 2.4 (consumption and overall equilibria) would lie on the grand-
utility possibility curve in figure 5.2.
c.
Community indifference curves such as W1 and W2 in figure 5.2 cannot be added to
determine total welfare.
Question text
Politicians can cause government failure through
Select one:
a.
profit maximising behaviour.
b.
vote-maximising behaviour
c.
, 0717513144 muzavazi47@gmail.com
budget maximising behaviour.
.
Question text
Which of the following statements with regard to rent-seeking is/are correct?
Select one:
a.
Government regulation can create monopolies and monopoly profits.
b.
Economic rent is the economic return to capital or labour that is less than the return
necessary to draw that factor into the market.
c.
Firms/suppliers have an incentive to lobby government to obtain more competition and this
activity is called rent-seeking.
d.
The social cost of rent-seeking is potentially the sum of the average waste (e.g. lobbying
cost) and the deadweight loss.
Question text
According to Wagner’s Law
Select one:
a.
the share of government in the economy will decrease as countries become more
industrialised.
b.
provision is made for changes in public choices for lower government expenditures.
c.
the demand for education and social welfare is income-elastic.
d.
as per capita income rises, the demand for public services such as social welfare and law
and order will decrease because the public will be able to fund these services themselves.
Question text
According to the NGT
Select one:
a.
all government expenditure negatively impacts on economic growth because of the high
salaries paid to public servants.
b.
government expenditure boosts economic growth because the impact of crowding-out
exceeds the effects of crowding-in.
c.
capital refers to physical capital.
d.
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