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3. The Affordable Care Act was designed to provide high quality and affordable health care services for all American citizens.

a) Discuss whether there is an assignment problem with the Affordable Care Act

b) Discuss the negative externalities that are associated with the lack of health care coverage

c) What are the economic consequences if some state governments do not expand their Medicaid program under the Affordable Care Act? What are the incentives that the federal government have provided to get state governments to expand Medicaid?

4. American companies and their employees are typically required to pay payroll taxes that are used to finance social insurance programs, such as Social Security, Medicare and Unemployment Insurance. The payroll tax is a tax that employers and employees pay, but the employee portion is typically withheld from the employee's wages by the employer.

a) Discuss how payroll taxation from these three programs may lead to deadweight loss in the labor market (instead of the supply and demand for goods, there is the supply and demand for labor)

b) Discuss the tradeoff between efficiency and equity as implied from the payroll taxes collected to finance the three social insurance programs