ECO 450 Week 11 Final Exam Part 1

Question 1

3 out of 3 points

A worker earns $2,000 per month before taxes. He pays $140 per month payroll tax on those wages. In addition, the income taxes on those wages are $360 per month. On retirement, the worker receives a Social Security pension of $750 per month. Which of the following statements is true?

Answer

Question 2

3 out of 3 points

The Social Security Act was implemented in the United States in:

Answer

Question 3

3 out of 3 points

The gross replacement rate:

Answer

Question 4

Social Security tax rates can be reduced if:

Answer

Question 5

The Social Security retirement system:

Answer

Question 6

The induced-retirement effect of the Social Security pension system induces workers to:

Answer

Question 7

Which of the following is true about the Medicare program in the United States?

Answer

Question 8

The percent of total health care costs in the United States paid for by governments is approximately:

Answer

Question 9

The government program that provides the health insurance to the poor in the United States is called:

Answer

Question 10

Under national health insurance as operated in Great Britain,

Answer

Question 11

Most of the medical bills of Americans in the United States are paid by:

Answer

Question 12

What is the moral hazard associated with third party payment for health services?

Answer

Question 13

A proportional income tax has an average tax rate that:

Answer

Question 14

A tax on real estate is a:

Answer

Question 15

If the average tax rate under a progressive tax rate structure is 35%, a possible marginal tax rate is:

Answer

Question 16

3 out of 3 points

A 5-percent retail sales tax on all consumer purchases in a state is imposed. The sales tax is:

Answer

Question 17

Taxes:

Answer

Question 18

Which of the following countries has the highest average tax rate relative to GDP?

Answer

Question 19

The efficiency-loss ratio relative to tax is:

Answer

Question 20

If a lump-sum tax is imposed, the slope of the new budget line relative to the budget line prior to the tax:

Answer

Question 21

3 out of 3 points

Viewed from origin a price distorting tax creates a new budget line with a ______ slope relative to the budget line without the tax.

Answer

Question 22

A $0.30 per unit tax is imposed on a good that reduces the quantity supplied and demanded by 1000 units. What is the deadweight loss (ignore price elasticities)?

Answer

Question 23

Other things being equal, the more inelastic the demand for a taxed good,

Answer

Question 24

The supply of new cars is perfectly elastic. A $400 per car tax is levied on buyers. As a result of the tax,

Answer

Question 25

3 out of 3 points

The federal government, its agencies, and the Federal Reserve System:

Answer

Question 26

The National Income and Product Accounts budget balance reflects:

Answer

Question 27

The total dollar value of the federal debt outstanding is:

Answer

Question 28

The debt of state and local governments is mostly:

Answer

Question 29

If the federal government runs a surplus consistently, then which of the following is likely to occur?

Answer

Question 30

An increase in government borrowing has no effect on the willingness of citizens to save or on the demand for credit. Increased borrowing to cover deficits will therefore:

Answer

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ECO 450 Week 11 Final Exam Part 1
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