ECO 450 Week 11 Final Exam Part 1

ECO 450 Week 11 Final Exam Part 1
Question 1
3 out of 3 points
A worker earns 2000 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
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Question 2
3 out of 3 points
The Social Security Act was implemented in the United States in
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Question 3
3 out of 3 points
The gross replacement rate:
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Question 4
Social Security tax rates can be reduced if:
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Question 5
The Social Security retirement system:
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Question 6
The induced-retirement effect of the Social Security pension system induces workers to:
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Question 7
Which of the following is true about the Medicare program in the United States?
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Question 8
The percent of total health care costs in the United States paid for by governments is approximately:
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Question 9
The government program that provides the health insurance to the poor in the United States is called:
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Question 10
Under national health insurance as operated in Great Britain,
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Question 11
Most of the medical bills of Americans in the United States are paid by:
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Question 12
What is the moral hazard associated with third party payment for health services?
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Question 13
A proportional income tax has an average tax rate that:
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Question 14
A tax on real estate is a:
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Question 15
If the average tax rate under a progressive tax rate structure is 35%, a possible marginal tax rate is:
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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:
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Question 17
Taxes:
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Question 18
Which of the following countries has the highest average tax rate relative to GDP?
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Question 19
The efficiency-loss ratio relative to tax is:
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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:
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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.
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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)?
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Question 23
Other things being equal, the more inelastic the demand for a taxed good,
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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,
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Question 25
3 out of 3 points
The federal government, its agencies, and the Federal Reserve System:
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Question 26
The National Income and Product Accounts budget balance reflects:
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Question 27
The total dollar value of the federal debt outstanding is:
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Question 28
The debt of state and local governments is mostly:
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Question 29
If the federal government runs a surplus consistently, then which of the following is likely to occur?
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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:
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