A political function of government is to
A) encourage the consumption of government-sponsored goods.
B) provide public goods.
C) correct for externalities.
D) encourage the workings of the price system.
Answer: A
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The figure above shows the U.S. production function. How would an increase in capital be shown in the figure?
A) an upward shift or rotation of the production function B) a downward shift or rotation of the production function C) a movement from point A to point B D) a movement from point C to point B E) None of the above because the effects of an increase in capital cannot be shown in the figure.
If crowding out occurs, the Main Burden of the debt is
a. smaller government assets passed along to the next generation. b. smaller capital stock passed along to the next generation. c. fewer government services during this generation. d. higher debt payments passed along to the next generation.