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Contemporary Economics 2nd Edition William A. McEachern - Solutions
True or False Taxes that fall more heavily on people who earn larger incomes represent the ability-to-pay principle of taxation.
Which of the following is an example of the benefits-received tax principle?a. the excise tax on cigarettesb. a tariff on imported automobilesc. a sales tax on purchases of new clothingd. the toll that is paid to cross a bridge
True or False The efficient level of production of a public good is found where the marginal benefit of additional units of that good is zero.
Public goods are __?__ in consumption.
Government Identify and describe a current public policy issue that is important to you. Explain how you could work to influence legislation that would affect government policy. Why might you be more successful acting as a member of a group rather than as an individual voter?
Use data in the table to construct a bar graph that shows the per-student spending in selected states for public schools. What might explain the difference in the levels of funding among states? Do you think that there is a direct relationship between the amount spent and the quality of education
Why might parents demand fewer services from public schools if each parent was required to pay for these services directly from the family’s own funds?
What would happen to a private firm that employed clerks who were rude or unresponsive to customer requests? Why may bureaucracies employ such workers and still survive over many years?
Why does the saying “the squeaky wheel gets the grease” often describe how government decisions are made?
Suppose a school’s sports director decided to spend $15,000 to purchase new equipment for the football team. Although this decision left only $5,000 to pay for equipment for all of the school’s other teams, most of the students at the school didn’t complain. Explain how this situation
Imagine that your class has decided to earn money to take a class trip in their senior year. The big question is deciding where the class should go. Some students want to visit Washington, D.C., some would prefer New York City, others would choose Disney World or other well-known destinations.
Government An important part of state government spending is governed by federal laws that require state governments to provide Medicaid programs for people who are unable to pay for their own medical care. Investigate Medicaid spending in your state. Have these payments grown more rapidly than
Since its creation in 1965, the Medicare program that provides medical coverage for our nation’s elderly has claimed a growing proportion of GDP. Use data in the table to construct a double line graph that shows the rates of growth of real federal Medicare payments and of real GDP from 2001
Why do governments in countries that experience rapid economic growth often spend smaller portions of GDP?
Why have some state courts ruled that funding public schools from local property tax receipts results in unequal educational opportunities for school children?
Why is state revenue more responsive to the growth in personal income than is local revenue?
Why would the share of federal tax revenue that comes from personal income taxes change from year to year even if the income tax rates remained unchanged?
Why were most Americans willing to accept a larger role for the government in the economy during the Great Depression and World War II?
Why do you think many people have moved from higher-tax states to lower-tax states in recent years?
How much more per year would taxes and costs of living be in New York than in Florida?
How much would you pay per year to heat or cool your apartment in each state?
How much would you pay per year to rent an apartment in each state?
If you spent $8,000 buying products that are subject to sales tax, how much would you pay in tax in each state?
How much state income tax would you pay in each state?
Math Patty is a loan officer for a bank. She earns $80,000 per year and drives a new Jaguar. Tony is a night janitor who works for the same bank. He earns$20,000 per year and drives an old Ford. Both Patty and Tony buy 1,000 gallons of gasoline for their cars each year. The tax per gallon of
Many residents of Oakwood, a small town, have asked to have the town’s swimming pool kept open for eight hours each day during the summer instead of only six hours. The cost of operating the pool is $80 per hour. Draw a graph that shows the efficient level of swimming-pool hours per day to be
How willing would you be to work 10 hours next week at a local store to earn$100? If $25 of your earnings were taken to pay taxes, what would happen to your willingness to work? What if $50 or $75 were taken? How does this example demonstrate the importance of the marginal tax rate to production in
Why is it difficult for people to agree on a tax structure that is fair for all?
Why aren’t property taxes, particularly for older people, always examples of ability-to-pay principle taxes?
Why isn’t it logical for the government to pay for a welfare program by imposing a benefits-received principle tax?
Suppose your town council has determined that it would need to spend $1 million to repave and widen the road that leads to your school. How should council members decide whether to undertake this project?
Why isn’t a campsite you rent in a national park a perfect example of a public good?
Why is it hard to interest the public in the public interest?
Why do politicians need to deal with special interest groups?
How big is the federal budget, and where does the money go?
How are responsibilities divided among levels of government?
How does the demand for public goods differ from the demand for private goods?
Access EconNews Online at thomsonedu.com/school/econxtra. Read the policy debate entitled “Do technological advances result in higher unemployment?” Analyze this issue from both points of view, and write a paragraph summarizing each side.
Graphing Inflation Use data in the table to draw a line graph that shows the rate of inflation in the United States as measured by the Consumer Price Index (CPI). In 1990, prices went up quickly because the cost of energy increased when Iraq invaded Kuwait. Why were interest rates high in 1990?
Sharpen Your Skills: Make Inferences In 1996, U.S. government public-assistance programs were reformed, and limits were placed on the length of time over which people could receive such assistance. How do you think this change has affected single mothers with young children? Do you think that more
History Investigate the inflation that took place in Germany after World War I. In 1914,$1 was equal in value to 4.2 marks. By the end of November 1923, $1 had about the same value as 1 trillion marks. What impact did this hyperinflation have on the German economy and German people?
Walter was laid off from his bookkeeping job after his employer installed a new automated inventory control system.
Serena gave up looking for work after she got no job offers in six months of looking.
Peter was laid off from his job at Ford when Ford’s sales declined.
Brandon was laid off from his construction job last December.
Rosetta quit her job at the public library to look for a job with better pay.
Which group is not likely to suffer from higher rates of unemployment and poverty than the average for all people?a. single parentsb. minoritiesc. people with limited educationd. two-parent families
True or False Poverty is closely associated with unemployment.
Before the Great Depression, most economists believed that the government shoulda. intervene in the economy when there was a problem.b. intervene in the economy only when the federal government had a large debt.c. try not to intervene in the economy at any time.d. intervene in the economy at all
__?__ results in higher unemployment and higher inflation.
__?__ inflation is particularly harmful to people in businesses because they are not able to plan for it.
Which of the following events would cause cost-push inflation?a. The price of natural gas increases by 20 percent.b. The stock market’s value grows by 20 percent.c. The federal government cuts income taxes by 20 percent.d. The amount of grain produced in the United States grows by 20 percent.
True or False Interest rates tend to increase when the inflation rate increases.
Job seekers who lack skills that are demanded by employers are __?__.
True or False The labor force is made up of all the people who would like a job but lack employment.
Imagine there are 150 million adults in a country. Of these, 45 million adults are not seeking work, and 105 million adults are either working or looking for work. In this case, the labor force participation rate isa. 40 percent.b. 70 percent.c. 30 percent.d. 60 percent.
Management Suppose you are the owner of a small business that produces precision parts for specialized machines. Your workers are very skilled. If one of your workers were to leave, it would take a long time to find and retrain a replacement. The economy has been in a recession for the past six
Psychology Investigate the impact of poverty on people’s self-image. Do people who live in poverty feel they are victims of circumstances that are beyond their control? Do they feel there is something that they have done that has caused them to be poor? How might these feelings change the way
Many people think the bulk of federal government transfers are used to support the poor. This is not the case. In 2003, all federal government transfers to individuals totalled $1,275.1 billion. The table shows how these payments were distributed. Use the data in the table to construct a pie chart
Does the fact that fewer people are receiving social benefits necessarily mean that fewer people are living in poverty? Explain why or why not.
What reasons can you identify to explain why the number of welfare recipients in the United States fell by more than half between 1995 and 2006?
Why is nurturing a healthy economy the most direct way the government can help reduce poverty?
History The U.S. government borrowed most of the money it needed to pay for its military efforts during World War II. The national debt increased by $23.5 billion in 1943, $64.3 billion in 1944, and $10.7 billion in 1945. In these years, the unemployment rate fell from its 1940 level of 14.6
Study this graph of aggregate demand and supply. The aggregate supply curve has shifted to the left from AS to AS because of an increase in the costs of production. This has increased the average price level and reduced the amount of production. Which of the policies listed below might reduce costs
How could stagflation result from a large increase in the costs of production throughout the economy?
People who support the economic theories of Keynes think that a stable economy will result from a steady increase of aggregate demand. Given this idea, what would Keynes have recommended the federal government do if consumption and investment declined because people and business owners started to
Before 1929, most economists thought the federal government should always have a balanced budget (government tax revenues government spending).When the Great Depression began in 1929, government tax revenues fell rapidly. The federal government responded by cutting spending. What was the impact of
Management Suppose the inflation rate was 3 percent last year. This year the rate of inflation is 5 percent. You are the manager of a large business. It is your job to set the prices your firm will charge next year. How much will you choose to increase prices? Why will you make this choice?
Consider this graph of the aggregate demand and aggregate supply curves.What would happen to the location of each of these curves, the average price level, and the amount of production as a result of each of the following events?Would the change in the price level be the result of a demand-pull or
Why would a 10 percent increase in prices be bad for an economy if most people expected prices to go up by only 2 percent?
Suppose that the government reduced personal income taxes by 10 percent. At the same time, it increased social insurance payments by 10 percent. Why would these changes tend to cause inflation? Would this inflation be demandpull or cost-push inflation?
If you think prices will be 10 percent higher one year from now, will your current demand for goods and services be affected? Why or why not?
Sociology Look through a sociology textbook or on the Internet to find information about how society is affected by high rates of unemployment. You should investigate in particular its impact on families. Are there more divorces when unemployment is high? Why might this be true?
History The Great Depression of the 1930s was the deepest and most wellknown economic downturn in recent U.S. history. There have been many other recessions since 1776. Years in which these recessions occurred include 1837, 1873, 1893, and 1907. Investigate one of these events. What happened to
In general, young people suffer from higher rates of unemployment than older people. Use data from this table to construct a double line graph that compares the rates of unemployment for people who are 16–19 years of age with the average for all members of the labor force. Identify and explain
How can unemployment compensation payments help workers who are not unemployed?
Unemployment compensation payments can make up for some of the income workers lose when they are laid off. However, such payments do not provide medical insurance coverage. How does this create an important incentive for a person who is out of work to seek new employment as quickly as possible?
Do you know anyone who has chosen to change jobs? Why did this person make this choice? How long was he or she unemployed? Was this person satisfied with the job he or she eventually accepted? Do you think this person made a rational choice?
Why do you think the government considers as unemployed only those who are without employment but are looking for work?
Are you currently a member of the labor force? Explain your answer.
How may people who keep their jobs be harmed by high levels of unemployment?
How might government transfers change work incentives?
Why don’t some families benefit from a strong economy?
What’s stagflation?
What’s so bad about inflation?
What type of unemployment might be a healthy sign for the economy?
Would a high school senior who is not working be considered unemployed?
Access EconData Online through thomsonedu.com/school/econxtra. Read the article entitled “What Is Labor Productivity?”.Then click on “Diagrams/Data” and examine the line graph entitled “Labor Productivity and the Consumer Price Index.” Judging from the graph, describe the relationship
Sharpen Your Skills: Categorizing Information Identify which of the following activities would add to human capital, which would add to physical capital, and which would add to neither type of capital.• Ted buys a new bicycle so he can deliver more newspapers in his neighborhood.• Shakir buys a
Comparing Growth Rates in Different Nations Suppose that two nations currently have exactly the same GDP this year. Country A allocates 10 percent of its resources to producing capital goods, while country B devotes only 6 percent of its resources to this type of production. As a result, country
Graphing Land Productivity The amount of corn that Sara is able to grow on her farm depends on many things, including the amount of fertilizer she adds to the soil. She has studied her production over many years and has listed her findings in the table. Use these data to construct a bar graph that
Calculating Labor Productivity The ABC Bowling Pin Company employs 20 workers who all work 40 hours per week, 50 weeks per year. Last year ABC produced 480,000 bowling pins that were sold for $2.50 each.What was the average hourly value of each ABC worker’s production?
Although technological improvements can lead to increased labor productivity, they alsoa. often reduce the quality of production.b. can cause some workers who lack needed skills to become unemployed.c. can weaken a nation’s ability to compete in the global economy.d. may lower a nation’s
True or False Productivity in the United States has increased at a constant rate of 2.1 percent per year over the past century.
Which of the following is not a common argument applied against the use of industrial policy?a. Industrial policy may result in investments that do not add to productivity.b. Industrial policy may give politicians too much control over the economy.c. Industrial policy may cause businesses to become
True or False Technological advances will benefit all people equally.
__?__ seeks to answer particular questions or to use scientific discoveries to develop specific products.
Which of the following is regarded as the best measure of a nation’s standard of living?a. total outputb. output per capitac. spending on research and developmentd. spending on capital goods
__?__ investigates general fields of knowledge but has no direct application to production.
Some nations have created and implemented __?__ that are intended to nurture the industries and technologies of the future.
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