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STAYER ECO 450 Entire Course

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ECO 450 Week 4 Quiz 3 Ch 4 and 5 1. Bread is an example of a good that is nonrival in consumption. 2. A pure public good is one for which it is easy to exclude consumers from benefits if they refuse to pay. 3. The marginal social cost of producing another unit of a pure public good will always be positive. 4. To obtain a demand curve for a pure public good, the marginal benefit of each consumer must be summed for each possible quantity produced per time period. 5…

ECO 450 Week 4 Quiz 3 Ch 4 and 5

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ECO 450 Week 9 Quiz 7 Ch 13 and 14 1. The actual federal income tax currently taxes all income irrespective of its source or use at the same tax rate. 2. Comprehensive income excludes unrealized capital gains. 3. Under a comprehensive income tax, transfer payments received by Social Security recipients would be fully taxable. 4. Homeowners earn rental income-in-kind from their home that would be taxable under a compre­hensive income tax. 5. A comprehensive income…

ECO 450 Week 9 Quiz 7 Ch 13 and 14

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ECO 450 Week 8 Assignment 2 The Value Added Tax Is It Good for the United States

ECO 450 Week 8 Assignment 2 The Value Added Tax Is It Good for the United States

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1. Taxes simultaneously ration and finance government goods and services. 2. The federal government finances only half of its expenditures with taxes. 3. The benefit principle argues that the means of financing government goods and services should be linked to the benefits received from those goods and services. 4. Horizontal equity is achieved when individuals of the same economic capacity pay the same amount of taxes over a given period. 5. A flat-rate income tax…

ECO 450 Week 7 Quiz 5 Ch 10

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ECO 450 Week 6 Quiz 4 Ch 8 and 9 1. The Social Security pension system is a fully funded retirement plan. 2. Social Security pension benefits are transfers from workers to retirees. 3. Social Security pensions are financed by voluntary contributions by workers. 4. The gross replacement rate measures the ratio of taxes paid per year by workers to their annual Social Security pension when they retire. 5. In the year prior to retirement, a worker earned $20,000 and…

ECO 450 Week 6 Quiz 4 Ch 8 and 9

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ECO 450 Week 5 Midterm Exam Many Other Questions are also Included 1. On average, persons in the United States devote more of their annual budgets to taxes than they do to food. 2. A universally observed function of government is the establishment of property rights. 3. The total share of GDP accounted for by government spending in the United States has declined significantly since 1980. 4. In 1929, the federal government spent more than was spent by state and…

ECO 450 Week 5 Midterm Exam

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ECO 450 Week 8 Quiz 6 Ch 11 and 12 1. A lump-sum tax results in both income and substitution effects. 2. A consumer currently pays $500 a year retail sales taxes. She would be better off if she paid the same amount annually as a lump-sum tax. 3. Clothing is sold in perfectly competitive markets where no externalities prevail. An excise tax on clothing will result in a market price for clothing that equals the marginal social benefit and mar­ginal social cost of service…

ECO 450 Week 8 Quiz 6 Ch 11 and 12

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ECO 450 Week 4 Assignment 1 Social Security Insolvency

ECO 450 Week 4 Assignment 1 Social Security Insolvency

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ECO 450 Week 3 Quiz 2 Ch. 2 and 3 1. The normative approach to public finance prescribes certain actions to achieve predetermined criteria. 2. Positive economic analysis is based on underlying value judgments. 3. “The government should abolish tariffs to achieve efficiency” is a normative statement. 4. It is possible for efficiency not to be attained even if all production is carried on without waste. 5. Efficiency is attained when resources are used each year…

ECO 450 Week 3 Quiz 2 Ch. 2 and 3

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1. On average, persons in the United States devote more of their annual budgets to taxes than they do to food. 2. A universally observed function of government is the establishment of property rights. 3. The total share of GDP accounted for by government spending in the United States has declined significantly since 1980. 4. In 1929, the federal government spent more than was spent by state and local governments. 5. Since 1930, the percent of GDP devoted to…

ECO 450 Week 2 Quiz 1 Ch. 1

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