ECO372T Demand And Supply Homework

ECO372T Demand And Supply Homework
Which of the following transactions best represents the government making a transfer payment to a household or business?
multiple choice
The federal government’s Supplemental Nutritional Assistance Program assists low-income families with purchasing food.
The federal government’s Internal Revenue Service hires extra accountants during the tax season to audit tax returns.
The state government’s Office of Motor Vehicles imposes an annual licensing fee for all in-state vehicles.
ECO372T Demand And Supply Homework
The local government’s Department of Parks and Recreation operates a local pool for residents in the summer.
Question 2
Which of the following descriptions is most representative of the mix of revenues and expenditures of the federal government?
multiple choice
Revenue is predominantly from property taxes but may include sales taxes or income taxes. Expenditures include investments in education and public welfare.
Revenue is predominantly from sales taxes and may include personal or corporate income taxes. Expenditures include investments in education and infrastructure.
Revenue is predominantly from income taxes and payroll taxes. Expenditures include income security and interest on the national debt.
Revenue is predominantly from excise taxes and property taxes. Expenditures include investments in infrastructure and national defense.
ECO372T Demand And Supply Homework
Question 3
How is the public debt calculated?
rev: 06_21_2018
Multiple Choice
By subtracting current government spending from current government tax revenues
By summing the annual government purchases over time
By subtracting the government’s total liabilities from its total assets
By summing the annual difference between tax revenues and government spending over the years
Question 4
ECO372T Demand And Supply Homework
Which of the following is not a significant source of revenue for the U.S. federal government?
Multiple Choice
Personal income taxes
Corporate income taxes
Property taxes
Payroll taxes
Question 5
Which one of the following is not an excise tax of the federal government?
Multiple Choice
Gasoline tax
General sales tax
Alcoholic beverage tax
Tobacco tax
Question 6
ECO372T Demand And Supply Homework
A federal budget deficit exists when federal government
Multiple Choice
taxation is decreasing in a given year.
spending is increasing in a given year.
assets are less than liabilities in a given year.
spending exceeds tax revenues in a given year.
Question 7
Which of the following is the largest expenditure item of local governments?
Multiple Choice
Public safety
Question 8
A tax is regressive if it
ECO372T Demand And Supply Homework
Multiple Choice
takes a higher percentage of income as income increases.
takes the same percentage of income regardless of income level.
is levied on consumers.
takes a smaller percentage of income as income increases.
Question 9
Many states in the U.S. acquire significant amounts of funds from the following, except
Multiple Choice
property taxes.
state-run lotteries.
personal income taxes.
grants from the Federal government.
Question 10
ECO372T Demand And Supply Homework
One important reason why the United States government is not likely to go bankrupt even with a large public debt is that it has
Multiple Choice
the power to print money to finance the debt.
a strong military to protect it from creditors.
the capacity to pay off its outstanding debt with gold.
the ability to decrease interest rates and increase investment spending.
Question 11
The circular flow model with government included would show that government
Multiple Choice
obtains revenues in the product market and uses it to cover costs in the resource market.
produces goods and services and sells them in the product market to generate net taxes.
controls economic resources and sells them in the resource market.
provides goods and services to businesses and households and pays for them with net taxes.
Question 12
A public debt that is owed to foreigners can be burdensome because
Multiple Choice
ECO372T Demand And Supply Homework
the payment of interest will conflict with a nation’s foreign aid programs.
the payment of interest reduces the volume of goods and services available for domestic uses.
the payment of interest will necessarily have a deflationary effect on prices in the paying nation.
foreign interest rates are persistently higher than domestic interest rates.
Question 13
Which of the following is not a government activity that is involved in public finance?
Multiple Choice
Running government-owned enterprises such as hospitals, utilities, and lotteries.
Regulating the activities of firms in the financial sector of the economy.
Providing public goods and services such as national defense and education.
Redistributing income through various taxes and income-transfer payments.
Question 14
The Social Security tax is regressive because
Multiple Choice
the Social Security tax rate applied does not rise with the salary level.
each individual must pay a set percentage of his or her income in Social Security taxes.
as income increases, the Social Security tax rate increases at a decreasing rate.
ECO372T Demand And Supply Homework
no Social Security tax is collected for incomes in excess of a “cap” income level.
Question 15
Which of the following is the largest expenditure item of state governments?
Multiple Choice

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