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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
Published on Feb 20, 2014
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