11.
Use the distinction between the characteristics of private and public goods to determine whether the following should be produced through the market system or provided by government: (a)
French fries, (b) airport screening, (c) court systems, (d) mail delivery, and (e) medical care.
State why you answered as you did in each case.
12.
Use the circular flow diagram to show how each of the following government actions simultaneously affects the allocation of resources and the distribution of income:
13.
What do economists mean when they say government purchases are “exhaustive” expenditures
whereas government transfer payments are “nonexhaustive” expenditures? Cite an example of a government purchase and a government transfer payment.
14.
What is the most important source of revenue and the major type of expenditure at the Federal
level? At the state level? At the local level?
15.
Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax
on earnings between $10,000-20,000 and a 30 percent tax on income between $20,000 and $30,000. Any income above $30,000 is taxed at 40 percent. If your income is $50,000, how much in taxes will you pay? Determine your marginal and average tax rates. Is it a progressive tax? Explain.
16.
What do economists mean when they refer to Social Security as a pay-as-you-go
plan? What is the Social Security trust fund? What is the nature of the long-run fiscal imbalance
in the Social Security retirement system? What are the broad options for addressing this
problem?
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more