ECO 450 Devry Course Tutorial (eco450.com)
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ECO 450 Week 3 Quiz (Devry)

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Question 1

Which of the following is a normative statement?

Question 2

If a government desires to increase production beyond the current competitively determined efficient level, the government should:

Question 3

If the efficient output of a good is produced each week, then the:

Question 4

Normative economics:

Question 5

Diamonds are sold by a monopoly firm that maximizes profits. Then it follows that:

Question 6

The marginal social cost of bread exceeds the marginal social benefit at the current weekly output. Therefore,

Question 7

An efficient level of output means:

Question 8

Positive economics is:

Question 9

Suppose the efficient output currently prevails in the market for ice cream. A tax on ice cream con­sumption will:

Question 10

The extra benefit on one more unit of a good or service is its:

Question 11

The total social benefit of automobiles equals the total social cost at current annual output. Then it follows that:

Question 12

Positive economics:

Question 13

Normative economics is:

Question 14

A move from an inefficient resource allocation to an efficient one:

Question 15

If efficiency has been attained,

Question 16

Assuming a product can be manufactured competitively without any externalities at an efficient quantity of 1,000 units and an efficient price of $100.00 per unit, what efficient quantity-price combination would be consistent with a negative externality?

Question 17

Electric power is produced by an unregulated monopoly in a certain region. The monopolistic elec­tric power company’s production of electricity results in $10 per kilowatt hour of pollution damage to parties other than the buyers of electricity in the region. To achieve efficiency,

Question 18

If the marginal costs of reducing emissions varies among regions, then regulations requiring all regions in a nation to reduce emissions by the same amount will achieve:

Question 19

The effect of a positive externality is similar to:

Question 20

The marginal external cost associated with paper production is constant at $10 per ton per year. The competitive market equilibrium for paper production is currently 10 million tons per year. A corrective tax on paper production:

Question 21

The current competitive market price of fish is $3 per pound. A chemical producer emits effluent into a lake used by a commercial fishing firm. Each ton of chemical output causes a 20-pound reduction in the annual catch of the fishing firm. Assuming that transactions costs are zero and the chemical firm has the legal right to dump effluent into the lake,

Question 22

The effect of a negative externality is similar to:

Question 23

The marginal external cost associated with air pollution increases with the annual output of a pollut­ing industry. At the current competitive equilibrium level of output per year, the marginal external cost is $10 per unit of output. To achieve efficiency,

Question 24

If a positive externality prevails in the market for smoke detectors, then when the market is in equilibrium,

Question 25

The competitive market equilibrium price of sanitation services in a small town with no government-supplied sanitation services is $2 per trash pickup. There is a $1 marginal external benefit associated with each trash pickup. The elasticity of supply of trash pickups is infinite in the long run, implying a horizontal supply curve. To achieve the efficient output of sanitation services,

Question 26

Regulations require that emissions of carbon monoxide be limited to 1,000 tons per 100 square miles for all regions of the nation. If the marginal external cost of the emissions varies among regions in the nation, then the regulations will:

Question 27

According to the Coase theorem, externalities can be internalized when transactions costs are zero through:

Question 28

Assuming a product can be manufactured competitively without any externalities at an efficient quantity of 500 units and an efficient price of $150.00 per unit, what efficient quantity-price net subsidy combination would be consistent with a corrective subsidy for a positive externality?

Question 29

A negative externality results from the sale of firewood in competitive markets. Then it follows that:

Question 30

Which of the following is true about command-and-control regulation that allows businesses to emit pollutants up to a certain point and bans emissions after that limit is reached?

 

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ECO 450 Week 11 Final Exam Part 1 (Devry)

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Question 1

3 out of 3 points

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

 

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ECO 450 Week 11 Final Exam Part 2 (Devry)

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Question 1

Most empirical research indicates that the market supply curve of labor hours by prime-age males is:

Answer

Question 2

The higher the compensated elasticity of supply of savings,

Answer

Question 3

If the return to savings, r, is subject to taxation at rate t, then in equilibrium a saver’s marginal rate of time preference will equal:

Answer

Question 4

The Haig-Simons definition of income:

Answer

Question 5

Comprehensive income:

Answer

Question 6

Which of the following is the result of The Economic Growth and Tax Relief Reconciliation Act enacted in 2001?

Answer

Question 7

The reduction in marginal tax rates will:

Answer

Question 8

Which of the following is true for the federal income tax in the United States?

Answer

Question 9

The excess burden of tax preferences:

Answer

Question 10

Tax expenditures are:

Answer

Question 11

Accelerated depreciation allows corporations to:

Answer

Question 12

In the long run a corporate income tax that initially reduces the return to investment in the corpo­rate sector will also:

Answer

Question 13

If corporations maximize profits, the short-run incidence of a tax on its profits will be borne by:

Answer

Question 14

If an all-equity firm has after-tax income of $100,000 based on a 34% income tax, what is the after-tax income of an equivalent firm that pays $15,000 in interest that is tax deductible?

Answer

Question 15

If the supply of savings is not perfectly elastic, the corporate income tax is likely to:

Answer

Question 16

Assuming that a person never receives any cash gifts or bequests, a tax on comprehensive con­sumption is equivalent to a(n):

Answer

Question 17

In most states, the retail sales tax can be regarded as equivalent to a:

Answer

Question 18

Consumption-in-kind:

Answer

Question 19

A consumption-type, value-added tax:

Answer

Question 20

The differential incidence of substituting a tax on comprehensive consumption for a tax on compre­hensive income is likely to be:

Answer

Question 21

If a tax on real estate results in a decrease in the supply of housing, the tax will be:

Answer

Question 22

A comprehensive wealth tax will:

Answer

Question 23

If the annual amount of savings is $10 billion, what is the effect of a wealth tax assuming supply is responsive?

Answer

Question 24

If the annual amount of savings is $10 billion, what is the effect of a wealth tax assuming supply is perfectly inelastic?

Answer

Question 25

A comprehensive wealth tax base includes:

Answer

Question 26

What is generally the best measure of fiscal capacity for local governments?

Answer

Question 27

In general, local tax bases tend to be:

Answer

Question 28

Under a federal system of government,

Answer

Question 29

A federal highway grant will provide funds for roads supplied by state and local governments if these governments pay 50 percent of the cost of the roads. This grant is an example of:

Answer

Question 30

A grant received by a local government will:

Answer

 

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ECO 450 Entire Course (Devry)

ECO 450 Entire Course (Devry) | ECO 450 Devry Course Tutorial (eco450.com) | Scoop.it
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ECO 450 Week 1 DQ 1 The Basics
ECO 450 Week 1 DQ 2 Government Expenditures
ECO 450 Week 2 DQ 1 Markets and Efficiency
ECO 450 Week 2 DQ 2 Externalities
ECO 450 Week 2 Quiz
ECO 450 Week 3 DQ 1 Public versus Private Goods
ECO 450 Week 3 DQ 2 The Political Process
ECO 450 Week 3 Quiz
ECO 450 Week 4 Assignment 1 Social Security Insolvency
ECO 450 Week 4 DQ 1 Cost-Benefit Analysis
ECO 450 Week 4 DQ 2 Government Assistance Programs
ECO 450 Week 4 Quiz
ECO 450 Week 5 DQ 1 Retirement and the Social Security System
ECO 450 Week 5 DQ 2 The U.S. Health Care Dilemma
ECO 450 Week 5 Mid Term
ECO 450 Week 6 DQ 1 Taxation and Government Finance
ECO 450 Week 6 DQ 2 Evaluating Alternative Methods to Finance Government
ECO 450 Week 6 Quiz
ECO 450 Week 7 DQ 1 Taxation and Income
ECO 450 Week 7 DQ 2 The National Debt
ECO 450 Week 7 Quiz
ECO 450 Week 8 Assignment 2 The Value-Added Tax Is It Good for the United States
ECO 450 Week 8 DQ 1 The U.S. Tax System
ECO 450 Week 8 DQ 2 Personal Income Tax
ECO 450 Week 8 Quiz
ECO 450 Week 9 DQ 1 Corporate Income Tax
ECO 450 Week 9 DQ 2 Taxation on Consumption and Sales
ECO 450 Week 9 Quiz
ECO 450 Week 10 DQ 1 Wealth and Taxation
ECO 450 Week 10 DQ 2 Government Finance
ECO 450 Week 10 Quiz
ECO 450 Week 11 DQ 1 Government Policies on Health Care and Taxation
ECO 450 Week 11 DQ 2 Public Finance and You
ECO 450 Week 11 Final Exam Part 1
ECO 450 Week 11 Final Exam Part 2

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