QuestionQuestion

A. Definitions (5 points for each definition, 20 points total)
Define four out of the five terms listed below. If you define more than four without clearly crossing
out the one you don’t want me to grade, I will just grade the first three answers you provide.
1. Public good
2. Deficit
3. Variable cost
4. Capital Budget
5. Consumption Tax

B. Short Essays (10 points for each essay, 40 points total)
Select four out of the five short essays to answer. If you answer more than four without clearly
crossing out the one you don’t want me to grade, I will just grade the first four answers you provide.
2. What are the purposes of apportionment?
3. What are marginal and average costs?
4. What are capital budgets and how do they differ from operating budgets?
5. What is cutback budgeting?

C. Long Essays (20 points for each essay, 40 points total)
Select two out of the four long essays to answer. If you answer more than two without clearly
crossing out the one you don’t want me to grade, I will just grade the first two answers you provide.
2. Discuss the federal budget process in theory, from preparation to audit.
3. Why should the US worry about running persistent deficits? Include as part of your answer
trends in the size of the US budget deficit since the 1980s.

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A)
1.
Public good – Public goods refer to products which can be consumed by one individual without reducing the availability for other individuals. Two of the key characteristics of public goods are non-rivalry and non-excludability in consumption. The example of setting plants to prevent air pollution can be considered. Clean air is a public good since it is available for all. Even if some individuals did not pay for the setting of the plants, they can derive benefits from its consumption as it is non-excludable. Due to these characteristics, public goods are generally provided for by the Government....

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