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foundations of economics

Questions and Answers of Foundations Of Economics

In 2010 Brian Murray earned $300,000; he paid Social Security tax on . (LO5 )a) none of his incomeb) all of his incomec) nearly all of his incomed) less than half of his income
A tax with an average rate of 20 percent for the rich and 2 percent for the middle class is. (LO3 , 4 )a) progressivec) proportionalb) regressived) none of these
Which is true? (LO4 )a) The rich are hurt more than the poor by regressive taxes.b) The poor are hurt more than the rich by progressive taxes.c) The federal personal income tax is a regressive tax.d)
Each of the following is a direct tax except the tax. (LO4 )a) Social Securityc) corporate incomeb) federal personal incomed) federal excise
The most progressive tax listed here is the . (LO4 )a) Social Security taxb) federal personal income taxc) federal excise taxd) state sales tax
If Kathie Barnes earns $50,000 and Katie Harvey earns $500,000 a year, they both will pay Social Security tax . (LO5 )a) at the same average tax rateb) but Kathie Barnes will pay at a higher average
The largest federal government purchase of fi nal goods and services is . (LO1 )a) Social Securityb) defensec) interest on the national debtd) foreign aid
Compared to federal spending, state and local spending is . (LO1 )a) almost twice as largeb) about the samec) less than half as larged) one-quarter as large
Which statement is true? (LO5 )a) Bill Gates pays more Social Security tax than most American workers.b) The rich pay a higher proportion of their income in Social Security tax than in federal
Transfer payments to individuals are percent of the federal budget. (LO1 )a) 25c) 65b) 50d) 85
The federal government’s fi scal year begins on . (LO1 )a) January 1c) October 1b) July 1d) November 1
Which is the most accurate statement? (LO5 )a) The rich pay most of the federal personal income tax.b) President George W. Bush raised taxes that the poor must pay.c) As a result of the events of
Which couple pays the most in federal taxes? (LO5 )a) Todd Lhuillier and Stacey Lhuillier derive their entire $100,000 income from dividends and have two young children, Chloe Lhuillier and Taylor
The seeds of the expansion of the federal government’s economic role were sown during the administration of . ( LO1 )a) Franklin Rooseveltc) Richard Nixonb) Dwight Eisenhowerd) Ronald Reagan
The role of government grew most rapidly during the period . ( LO1 )a) 1920–1933c) 1945–1960b) 1933–1945d) 1960–1975
Web Activity: Which states have no sales tax? Go to www.taxadmin.org and click on“State Comparisons” at the top of the left column.
Web Activity: On January 1 of each year, the Social Security wage base rises. To fi nd the wage base for the current year, go to google.com, type in “Social Security Wage Base,” and click on the
Practical Application: About how much personal income tax would you have to pay on a job that paid $100 million? See if you can come up with the correct answer in less than 10 seconds.
Practical Application: If you could order a cut of $100 billion in federal spending, which programs would you cut and why would you cut them?
Give two examples of public goods or services that you use.
Some politicians say that Americans pay too much in taxes. Explain why you agree or disagree with them.
What additional goods and services do we expect from government today as opposed to 60 years ago?
Discuss the pros and cons of having a high cigarette excise tax.
If a political candidate said that if she were elected to Congress, she would work toward cutting federal government spending by one-third over the next four years, would she stand much chance of
Art Levine, Phyllis Levine, Leah Levine, and Suzannah Levine would like to gain control of the Sports Trading Card Corporation of America. If that corporation has $200 million in common stock, $300
Suppose Colin Noel could borrow $200,000 for one year at an interest rate of 10 percent. He is virtually certain that he can invest this money in inventory that he could sell over a year for
Given the information in Table 3 , fi nd inventory investment in 2018. (LO6) TABLE 3 Colin Noel Manufacturing Corp. Date January 1, 2018 May 1, 2018 Level of Inventory $2.0 billion 2.1 billion Sept.
If net investment is 400 and depreciation is 175, how much is gross investment? (LO5)
If a corporation has $2 billion in common stock, $1 billion in preferred stock, and $4 billion in bonds: a)How much is its capitalization?b) Theoretically, how much would it take to control it?c)
Use the information in Figure A to fi ll in Table 2 : (LO7) Expenditures ($) 3,000 2,000 1,000 Figure A TABLE 2 45 T 1,000 2,000 Disposable income ($) C+I C 3,000 Disposable Income Consumption
Given the information in Table 1 , fi nd inventory investment in 2005. (LO2) TABLE 1 Date January 1, 2005 July 1, 2005 December 31, 2005 Level of Inventory $500 million 530 million 485 million.
If a corporation has gross investment of $150 million and depreciation of $40 million, how much is its net investment? (LO4)
If a corporation has $100 million in preferred stock,$150 million in common stock, and $250 million in bonds: (LO1)a) How much is its capitalization?b) Theoretically, how much would it take to
Total investment is found by adding (1) ____________ ; (2) ____________ ; and (3) ____________ . (LO6)
An investment will be undertaken if the expected profi t rate is higher than the ____________ . (LO6)
The expected profi t rate is found by dividing ____________ by ____________ . (LO6)
During severe recessions, our capacity utilization rate falls to around ____________ percent. (LO6)
In Marx’s terms, the people who wait outside the factory gates for work are the ____________ . (LO5)
According to Karl Marx, capital was created by the ____________ and expropriated by the ____________ . (LO5)
Gross investment - ____________ = Net investment. (LO4)
The least stable form of investment is ____________ investment. (LO6)
Theoretically, you would need an investment of about$ ____________ to control a corporation that had $100 million in preferred stock, $50 million in common stock, and $350 million in bonds. (LO1)
The creditors of a corporation are mainly its ____________ . (LO1)
A corporation is controlled by its ____________ . (LO1)
A corporation is owned by its and its ____________ . (LO1)
The two main disadvantages of incorporating are(1) and (2) . (LO1)
The key advantage of incorporating is ____________ . (LO1)
A partnership is owned by ____________ people. (LO1)
There are about ____________ million business fi rms in the United States. (LO1)
Of the big three spending sectors of GDP, the least stable is ____________ . (LO6)
Which is the most accurate statement? (LO1)a) In Middle-Eastern Islamic countries, the typical partnership consisted of just two members, who pooled their resources for perhaps a single trade
Statement I. Inventory computerization has tended to reduce inventory levels.Statement II. Inventory investment tends to rise during recessions. (LO6)a) Statement I is true and statement II is
Which statement is the most accurate? (LO1)a) Almost all corporations are very large.b) If you want to be your own boss and don’t want to share any of the decision making, the business form that
Firms will most likely borrow money for investment when . (LO6)a) interest rates are lowb) interest rates are highc) the interest rate is higher than the expected profi t rated) the expected profi t
Our capacity utilization rate is usually between. (LO6)a) 10 and 30c) 50 and 70b) 30 and 50d) 70 and 90
Investment will be high when the capacity utilization rate is and the interest rate is . (LO6)a) high, highc) high, lowb) low, lowd) low, high
Each of the following is business investment except. (LO6)a) inventory investmentb) investment in new plantc) investment in new equipmentd) investment in new residential housing
During bad recessions, investment in plant and equipment will . (LO6)a) be negativec) fall somewhatb) fall by around 15–20 percentd) rise
Business fi rms invest in plant and equipment during recession years for each of these reasons except (LO6)a) interest rates are lower.b) it has been planned years ahead.c) it replaces worn-out plant
Which is the least stable? (LO6)a) investment in plant and equipmentb) investment in residential housingc) investment in inventoryd) overall investment
Karl Marx said that capital is produced by. (LO5)a) the workerc) the governmentb) the capitalistd) money
Each of the following might be used to acquire capital except . (LO5)a) working morec) borrowingb) consuming lessd) consuming more
Gross investment . (LO4)a) plus depreciation equals net investmentb) minus depreciation equals net investmentc) plus net investment equals depreciationd) equals net investment minus depreciation
During severe recessions, inventory investment is. (LO2)a) negativec) fairly highb) stabled) very high
Inventory investment is . (LO2)a) very stablec) fairly unstableb) fairly stabled) very unstable
Inventory investment is . (LO2)a) always positiveb) always negativec) can be either positive or negatived) can be neither positive nor negative
Which of the following is not an investment? (LO2)a) the purchase of 100 shares of IBMb) the construction of a new factoryc) the purchase of a new delivery truckd) the purchase of inventory
A corporation’s capitalization is based on all of the following except . (LO1)a) preferred stockc) bondsb) common stockd) sales
Ownership of a corporation is based on . (LO1)a) whether you work for the companyb) whether you buy from the companyc) whether you hold the bonds of the companyd) whether you hold stock in the company
The last to be paid off, whether the corporation does well or goes bankrupt, are the . (LO1)a) employeesc) common stockholdersb) bondholdersd) preferred stockholders
Corporations are controlled by the. (LO1)a) employeesc) common stockholdersb) bondholdersd) preferred stockholders
A key disadvantage of incorporating is that. (LO1)a) you will have to pay corporate income taxb) you will have to charge sales taxc) you will have to sell stockd) you will have to reorganize the
Corporations collect about percent of all business receipts. (LO1)a) 10c) 61b) 32d) 82
Most corporations are . (LO1)a) publicly heldc) very smallb) very larged) none of these
A is a legal person. (LO1)a) proprietorshipc) corporationb) partnershipd) business fi rm
A key advantage of a partnership over a proprietorship is . (LO1)a) limited liabilityb) division of responsibilityc) perpetual life of the business fi rmd) none of these
A partnership . (LO1)a) must have exactly two ownersb) must have more than two ownersc) must have more than one ownerd) may have more than one owner
A business fi rm with one owner is . (LO1)a) a proprietorshipc) a corporationb) a partnershipd) none of these
Which one of these statements is false ? (LO2)a) Education spending is not offi cially classifi ed as investment spending.b) Education spending is offi cially classifi ed as investment spending.c)
Which of these is not investment? (LO2)a) additional inventoryb) the building of a county courthousec) the building of a shopping malld) the building of an automobile assembly line
In the United States, investment is done. (LO2)a) entirely by the governmentb) mostly by the governmentc) about half by the government and half by private enterprised) mainly by private enterprise
Web Activity: Which is the most profi table company in the United States? How much were its profi ts? Go to www.fortune.com, click on Fortune 500, and then click on Full List.
The Carolina Textile Corporation is capitalized at $200 million. If you wanted to buy control of this company, how much money would you have to spend? Since you don’t have nearly enough information
In problem 11: ( LO2 )a) How much is the MPC?b) How much is the MPS? Consumption ($ trillions) 12 10 10 8 2 45 2 C 6 8 10 12 Disposable income ($ trillions)
When disposable income is $12 trillion: ( LO1 )a) How much is the APC?b) How much is the APS? Consumption ($ trillions) 12 10 8 2 45 2 10 6 8 10 12 Disposable income ($ trillions)
When disposable income is $9 trillion: ( LO3 , 4 )a) How much is autonomous consumption?b) How much is total consumption?c) How much is saving? Consumption ($ trillions) 12 10 8 2 45 2 10 6 8 10 12
Determine induced consumption when disposable income is: ( LO5 )a) 0b) $6 trillionc) $12 trillion Consumption ($ trillions) 12 10 8 2 45 2 10 6 8 10 12 Disposable income ($ trillions)
If C is $4 trillion, disposable income is $5 trillion, and autonomous consumption is $3 trillion: ( LO5 )a) How much is saving?b) How much is induced consumption?c) How much is the APS?d) If the APS
Using the data in Figure 2 , determine induced consumption when disposable income is: ( LO5 )a) $1 trillionb) $2 trillionc) $3 trillion
Using the data in Figure 2 , how much is autonomous consumption? Consumption ($ trillions) 3 C 2 0 45 1 2 3 Disposable income ($ trillions)
Using your answers from questions 3 a and 3 b, calculate the MPC and the MPS when disposable income rises from $1,000 billion to $2,000 billion.( LO2 )
Using your answers from question 3 a , calculate the APC and the APS. ( LO1, 6 )
Using the information in Figure 2 , how much are consumption and saving when disposable income is: ( LO3 , 4 ) a) 1,000 b) 2,000 c) 3,000 C Saving
Given the information shown in Table 2 , calculate the MPC and MPS. (Assume disposable income rises from $35,000 to $37,000.) ( LO2 ) TABLE 2 Year Disposable Income Saving 2002 2003 $35,000 $4,600
Given the information shown in Table 1 , calculate the APC and the APS. ( LO1 ) TABLE 1 Disposable Income $10,000 Consumption $8,400
When the C line crosses the 45-degree line, saving is equal to__________ . ( LO3 , 4 )
fill in the blank.1 - 2 MPS = __________ . ( LO2 )
The average propensity to consume in the United States today is about __________ . ( LO1 )
The most important determinant of the level of consumption is __________ . ( LO6 )
According to the saving function, as disposable income rises, __________ . ( LO4 )

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