罗森 财政学 第七版(英文版)Chap009
大学英语课本答案大全
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罗森财政学知识点
罗森财政学知识点1. 罗森财政学的定义和背景罗森财政学是以美国经济学家罗森（Rosen）为代表的公共经济学派的一个重要分支。
它主要研究公共部门和私人部门之间的关系以及公共支出和税收对经济运行的影响。
罗森财政学在20世纪60年代兴起，并在之后几十年中得到了广泛发展和应用。
2. 罗森财政学的基本假设罗森财政学基于一系列基本假设，其中最重要的是“人们对于公共产品和服务具有非排他性消费特征”。
这意味着，一旦公共产品或服务得到提供，任何人都无法排除其他人享受它们带来的好处。
这种特征使得私人市场无法提供足够数量和质量的公共产品，需要相关部门来进行干预。
3. 公共产品与私人产品在罗森财政学中，将产品分为公共产品和私人产品两类。
公共产品具有非排他性消费特征，并且一旦提供给一个人使用，其他人也可以免费享受到它们带来的好处。
而私人产品则具有排他性消费特征，只有购买者支付了相应的费用，才能享受到产品的好处。
4. 公共产品的特征公共产品具有以下几个基本特征：（1）非排他性消费特征：一旦公共产品提供给一个人使用，其他人也可以免费享受到它们带来的好处。
（2）非竞争性消费特征：一个人对公共产品的使用不会减少其他人对该产品的使用。
（3）无法通过市场供给：私人市场无法提供足够数量和质量的公共产品。
5. 公共支出和税收罗森财政学研究了公共支出和税收对经济运行的影响。
根据罗森财政学理论，相关部门通过提供公共产品和服务来改善社会福利，并通过税收来融资。
合理配置公共支出和税收可以实现社会资源最优化配置，并提高整体福利水平。
6. 公共支出与经济增长罗森财政学认为，合理增加公共支出可以促进经济增长。
适当投资于基础设施建设、教育、医疗保健等领域，可以提高生产力和劳动力素质，进而推动经济发展。
然而，过度的公共支出可能会导致财政赤字和债务累积，对经济稳定产生负面影响。
7. 税收与经济效应罗森财政学研究了税收对经济的影响。
税收可以用来调节收入分配、实现资源再分配，并提供公共产品和服务。
罗森财政学第七版（英文版）Chap009
罗森财政学第七版（英文版）Chap009CHAPTER 9 – Social Insurance I:Social Security and Unemployment InsuranceMultiple-Choice Questions1. A pay-as-you-go system meansa) you pay for your dinner as you go to the table to eat.b) current working citizens pay for current retired citizens.c) there is no need for taxes since current workers pay for current retirees.d) retirees are paid from accounts that have accumulated with interest over theirworking lives.e) all of the above.2. Asymmetric information generally impliesa) information between parties is not equal.b) all parties are fully informed.c) information is costless.d) information is too costly to transmit.e) a and c.3. A fully funded plan requiresa) you to pay for your dinner as you go to the table to eat.b) current working citizens to pay for current retired citizens.c) no taxes since current workers pay for current retirees.d) retirees to be paid from accounts that have accumulated with interest over theirworking lives.e) all of the above.4. An actuarially fair return meansa) returns on investments are indexed to the stock market.b) returns on investments have to be positive.c) benefits received, on average, would be equal to the premiums paid.d) premiums for insurance are generally paid by the government.e) none of the above.5. When workers save less during their working lives due to the fact that they have beenpaying Social Security taxes, this is known asa) the Social Security effect.b) the wealth substitution effect.c) the bequest effect.d) the life cycle hypothesis.6. The Social Security earnings testa) applies only to workers between 65 and 69 years of age.b) was redesigned in the 1980s to include foreign workers.c) has a tax rate of no more than 16.9 percent.d) does all of the above.7. Social Security pension benefits area) subject to income taxes for those with certain income levels.b) nontaxable for all retirees.c) subject to state, but not federal, income taxes.d) subject to capital gains taxes.e) all of the above.8. The Social Security Administration has which program(s) to administer?a) disability paymentsb) health benefitsc) pensionsd) survivors' benefitse) all of the above9. The percentage of unemployed Americans that actually collects unemployment insurancebenefits isa) 9 percent.b) 18 percent.c) 25 percent.d) 33 percent.10. An earnings test as it relates to Social Security impliesa) benefits are reduced by some predetermined amount for those who have notreached normal retirement age.b) the amount of money earned during the working life of an individual determinesthe amount of benefits received.c) family earnings determine the amount of benefits received.d) all of the above.11. Social security taxes are projected to fall short of benefits starting ina) 2005.b) 2010.c) 2016.d) 2020.e) 2030.12. Social insurance can be justified on the grounds ofa) adverse selection.b) decision-making costs.c) income distribution.d) paternalism.e) all of the above.13. The retirement effect isa) when people retire later than they normally would have due to Social Security.b) when people decide not to retire at all because of problems with Social Security.c) when people retire earlier than they normally would have due to Social Security.d) when people save less for their retirement due to Social Security.e) none of the above.14. The gross replacement rate isa) the proportion of pretax earnings replaced by unemployment insurance.b) a rate of employment in key sectors of the economy.c) the percentage of each paycheck that is removed for unemployment insurance.d) the rate that tax receipts are used to cover tax expenditures.e) none of the above.15. A current worker may save more towards retirement so that he or she will have more toleave his or her children later. This altruistic motive is known as thea) altruism effect.b) bequest effect.c) income effect.d) savings effect.Discussion Questions1. Suppose in the market for labor that the labor supply curveis perfectly inelastic. Thiswould mean that the supply curve is vertical. Furthermore, suppose that demand is normal and downward sloping. Your textbook has explained that unemployment taxes are paid entirely by the employer (demanders). Who actually pays the tax in the scenario described above?2. Suppose that a fresh college grad gets a new job initially paying $20,000 a year. Theemployee gets a 3 percent raise annually. After 5 years of working, the employee quits and never works again. How much will this worker have earned over her brief working career? How much will she have paid in Social Security and Medicare taxes if the tax rate is 7.45 percent?3. Suppose that the ratio of retirees to working citizens is currently 1 to 5, meaning thatthere are 5 working people for every retiree. Suppose that in thirty years the ratio will change to 1 to 2. If benefits remain the same, what will happen to the tax rate assuming retirees are provided benefits in a pay-as-you-go system? How much would benefits decrease if the tax rate remained the same?4. A worker within the middle-income class is preparing to retire. In the year before heretired, his gross monthly earnings are $2,000. His Social Security benefits will be $1,200 per month. Before he retired, his income was subject to a tax of 25 percent. Find his before-tax and after-tax replacement rates.True/False/Uncertain Questions1. Having unemployment insurance available makes people work less.2. The percentage of retired older workers has decreaseddramatically since the introductionof Social Security.3. Social Security benefits have played an important role in the improved economic statusof the elderly over time.4. Unemployment taxes are collected from both employees and employers.5. A pay-as-you-go system of financing Social Security is not as good as a fully fundedsystem.6. A worker can begin receiving benefits as early as age 62.7. Social Security is used to redistribute income.8. Average indexed monthly earnings are derived from the worker’s earnings history anddetermine the primary insurance amount (PIA).9. Having a Social Security program makes people less inclined to save for their ownretirement.10. The gross replacement rate is typically 95% of pretax earnings.Essay Questions1. Work disincentives in the system of Social Security have seen the number of persons inthe program increase dramatically. What incentives could be put in place to reverse, or at least slow, this trend?2. Why should firms in industries with higher levels of turnover be required to pay more inunemployment insurance payments?3. Do you feel that when you retire there will still be Social Security? If so, do you feel thatbenefits will be at present levels or tax rates will have increased? Finally, has this discussion changed your plans regarding your own personal savings for your retirement?Answers to CHAPTER 9 - Social Insurance I:Social Security and Unemployment InsuranceAnswers to Multiple-Choice Questions1. b2. a3. d4. c5. b6. a7. a8. e9. d10. a11. c12. e13. c14. a15. bAnswers to Discussion Questions1. The suppliers of labor (employees) would be totally responsible for the paying the tax,despite the fact that the tax was levied on employers.2. The worker will have earned a total of approximately $106,182. She will have paidapproximately $7,910.59 in taxes.3. Initially, a worker paid for 20 percent of a retiree’s benefits. In the future, the sameworker would be responsible for paying for half of a current retiree’s benefits. If benefits remained the same, then each worker’s tax burden would increase by approximately30 percent of the cost of benefits. If tax rates remained the same, then benefits wouldneed to fall by approximately 60 percent.4. His before-tax replacement rate would be 1,200/2,000 = 0.6. His after-tax replacementrate would be 1,200/1,500 = 0.8.Answers to True/False/Uncertain Questions1. U2. F3. T4. F5. U6. T7. T8. T9. U10. FAnswers to Essay Questions1. Increasing the retirement age would see fewer people in the program. Other solutionsinclude removing the survivor’s benefits and introducing a more stringent wealth threshold that says that those persons with a certain wealth are not allowed to receive benefits.2. The employees in these industries are more likely to need unemployment benefits in thefuture.3. This is a personal question but, as recently as August 2004,the current chairman of theFederal Reserve, Alan Greenspan, has warned that benefits will need to be reduced for future recipients or that there will need to be increases in taxes. Many working adults today are changing their saving patterns because of this outlook.。
哈维罗森
哈维罗森《财政学》哈维•罗森（Harvey S. Rosen）是当今美国新生代的著名经济学家之一。
他出生于1949年，1974年毕业于哈佛大学，获经济学博士学位，随后在美国著名的普林斯顿大学经济系任教。
罗森的研究成果涉及理论经济学与财政学的诸多领域，在世界一流的经济学杂志上发表了相当多的论文，编辑与撰写了6部专著。
其最著名的著作就是《财政学》。
此书一出版，就受到美国各大学的普遍欢迎，现在，在美国一流大学的本科生财政学教材中，基本上以它做教材。
《财政学》（英文版）出版后，被翻译为多种文字在西班牙、德国、加拿大、中国等多个国家出版发行，流行于世界各地，受到普遍的欢迎，成为世界一流大学的首选财政学教材。
世界上目前就税制体系而言，主要是两大类，即美国的税制与西欧的税制。
我们引入增值税，一个很大的动因是着眼于出口退税，即为了利用关税贸易总协定所允许的以出口退税来提高我国产品的国际竞争力，这里所谓的“退税”，退的就是“增值税”。
而美国则没有增值税，美国税制中三大主体税，即所得税、销售税与财富税，都均有分析，其对于围绕着种种税制而展开的正反面意见，都有细致的介绍，并作了明晰的梳理。
中国目前所面临的种种财政问题，其实在美国也照样存在。
所以，我们有认真研读人家的理论与经验的必要。
中国的税制与美国不同，前面已经说过，中国的税制并不是中国人的发明，而是照搬西欧的。
资本主义与自由弗里德曼弗里德曼的《资本主义与自由》一书出版之后在理论界掀起了一场思想的革命，它使经济自由主义深入到经济学界的每个角落。
这本书至今已经卖出超过五十万本、并且被翻译为十八种语言。
这本书指出自由市场在理论上和实践上都是应该被提倡的概念，并且对此提出了许多惊人的结论。
《资本主义与自由》一书着重介绍了弗里德曼的经济自由主义思想。
作者同时介绍了政治自由，以进一步来讨论它与经济自由两者之间的密切联系。
并且，作者从人类历史发展的历程阐述了经济自由的必然性。
该书主要阐明了两个思想：第一，资本主义社会一切活动的最终目的是达到经济自由，经济自由是政治自由得以实现的基础。
罗森财政学复习资料（双语版）
罗森财政学复习资料（双语版）第一篇：罗森财政学复习资料(双语版)罗森财政学复习资料（双语版）Unified budget: The document which itemizes all the federal government’s expenditures and revenues.统一预算：联邦政府在一种文件中将其支出逐项列出的文件Regulatory budget: an annual statement of the costs imposed on the economy by government regulations 管制预算：政府管制对经济产生的成本Entitlement programs: programs whose expenditures are determined by the number of people who qualify ,rather than preset budget allocations.公民权利性计划：（是指有关社会保障、公共福利计划、农产品价格维持等法律规定受益人和收益数额的政府支出项目）项目的成本不是由固定的美元数额来决定，而是由符合条件的人的数量决定。
Substitution effect :the tendency of an individual to consume more of one good and less of another because of a decrease in the price of the former relative to the latter.替代效应：是指一种商品价格的变化所引起的使消费者调整该种商品与其他商品需求量比例的效应。
Income effect : the effect of a price change the quantity demanded due exclusively to the fact that the consmer’s income has changed 收入效应：收入效应指由商品的价格变动所引起的实际收入水平变动，进而由实际收入水平变动所引起的商品需求量的变动。
财政学钟晓敏PPT课件
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课堂讨论 • 你用什么指标衡量中国政府规模？你觉得中国政府规模合适吗？ • 课后习题1
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大政府？小政府？
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• 在自由竞争的资本主义阶段
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• 财政学的创始人是亚当·斯密 • 《国民财富的性质和原因研究》
（国富论）， 1776年出版，是财 政学创立的标志
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第二章 财政学的分 析工具
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2.1 实证分析与规范 分析
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• 设想罗杰斯先生每天的收入是10美元，这时政府计划对工资所得课税20％， 于是，罗杰斯的税后工资是8美元。假设罗杰斯是理性经济人，对此他会做 出什么反应呢？ • 工作得更多？ • 工作得更少？ • 无动于衷？
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• “最小化”政府职能理论 • 这种理论认为，政府主要履行三项职能：
• 保卫国家的安全； • 保证本国公民的生命和财产安全； • 进行最基本的公共设施的组织和建设。
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• 20世纪30年代的经济危机席卷全球，程度之严重前所未有，市场机制在宏 观经济领域的缺陷充分暴露。另一方面，20世纪30年代，苏联工业化一日 千里，取得了极大的成就。
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• 凯恩斯从当时资本主义现实经济问题— —有效需求不足，论证了政府干预的必 要性，从此，西方各国政府以前所未有 的热情扩大了政府职能。
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• 20世纪70年代，政府干预的局 限性与缺陷日益暴露，经济出 现停滞膨胀的局面。
财政学_哈维罗森_第七版_课后习题答案
第一章P.164.a.政府对经济的影响增加了。
如果政府规模是由其直接支出来衡量，这项法规不会直接导致政府支出的增加。
然而，这可能会导致较高的遵从成本，并在“规制预算”中得到体现。
b.这项法律可能不会增加政府支出，但遵从这些管制的高昂代价将会增加管制预算。
c.很难说政府对经济的影响是增加了还是减少了，因为难以确定这一现象是反映了政府规模的扩大还是缩小。
一种可能是，GDP保持不变，而政府对商品和服务的购买减少；另一种可能是，政府对商品和服务的购买增加，但增长的比率低于GDP同期增加的比率。
同时还应考虑同期联邦政府的信贷、规制活动以及州和地方的预算等。
d.政府对经济的影响总体上可能并不改变。
如果联邦减少向州和地方政府的补助，联邦预算将要缩减。
然而，如果州和地方政府通过增加税收来抵消这一影响，把各级政府作为一个整体来看，其规模并不会以想象的幅度缩减。
第二章P.327.利用相关软件可以得出结论：赤字和利率之间存在着微弱的负相关关系。
但仅仅5年的数据得到的检验结果并不可靠。
因为货币政策、经济活动的水平等因素都会影响利率。
第三章P.494.a.当社会福利函数为W= UL+UA时，社会无差异曲线是斜率为-1的直线。
就整个社会而言，两人的效用对社会福利的边际贡献是相等的，即社会对二者的效用同等重视。
b. 当社会福利函数为W= UL+2UA时，社会无差异曲线是斜率为-2的直线。
这表明，与利维亚相比，社会两倍重视于奥古斯塔斯的效用。
c．结合效用可能性边界与社会无差异曲线，该种社会福利函数下的两种可能的最优解如下图所示。
ULUL8.当马克的收入的边际效用等于朱迪收入的边际效用时，社会福利最大化。
对已知条件中的两个效用函数求一阶导数，使MU M=MU J，则最大化条件为I J=4I M，因为固定收入是300美元，这意味着马克应该有60美元，朱迪应该有240美元，此时社会福利达到最大化。
10.a.错误。
帕累托效率的必要条件是，两种商品的边际替代率要等于其边际转换率。
罗森 财政学 第七版(英文版) 配套习题及答案Chap004
CHAPTER 4 - Public GoodsMultiple-Choice Questions1. Public goods are characterized bya) nonrivalness.b) excludability.c) the sum of the MRSs equaling MRT.d) all of the above.2. Market mechanisms are unlikely to providea) prices.b) nonrival goods efficiently.c) supply and demand.d) none of the above.3. A pure private good isa) nonrival in consumption and subject to exclusion.b) rival in consumption and subject to exclusion.c) rival in consumption and not subject to exclusion.d) all of the above.4. Commodity egalitarianism refers to commodities thata) are important for most consumers.b) are too dangerous for most consumers.c) should be made available to all consumers.d) are good ideas but never produced.e) are produced in bulk.5. Charging individual prices that are based on consumers’ willingness to pay isa) government price supports.b) will pricing.c) second tier pricing.d) price discrimination.6. Equilibrium for public goods is characterized bya) MSB = MSB.b) MRS = MRT.c) MRS = MRS = MRS=…=MRS = MRT.d) MC = MB.e) MRS – MRT = MSB.7. Summing demand curves horizontally sends market ______________ to individuals,while summing vertically sends market ______________ to individuals.a) price; priceb) quantity; quantityc) quantity; priced) price; quantity8. Public goods can bea) provided privately.b) provided publicly.c) subject to free rider problems.d) all of the above.9. A ________ is a person who wants to enjoy the benefits of a public good withoutcontributing his or her marginal benefit to the cost of financing the amount made.a) free riderb) politicianc) price makerd) price optimizer10. Congestible public goodsa) are nonrival in consumption.b) can not be priced in the market.c) are rival in consumption.d) are never provided by the private sector.11. A private good isa) nonrival in consumption.b) subject to free rider problems.c) subject to exclusion.d) not subject to exclusion.e) none of the above.12. When those that do not contribute to the costs of a public good are denied use, this is acase ofa) exclusion.b) being nonrival.c) price discrimination.d) infeasibility.e) all of the above.13. Which of the following is a public good?a) public defenseb) public televisionc) a libraryd) schoolse) all of the above14. Pure private goods are supplied througha) the market.b) government taxes.c) merit pricing.d) none of the above.15. School vouchers area) provided by the government.b) provided by private organizations.c) public funds to be used for private tuition.d) all of the above.Discussion Questions1. Suppose there are two individuals with identical demand curves characterized by theequation Q = (33/2) – (P/2). What is market demand if these demand curves are added horizontally? Vertically?2. Redo problem 10 of Chapter 4 in your textbook. Assume now that the marginal cost ofgetting snow plowed is now $24.3. Use the answer you found when adding market demand curves vertically in Question 1above to find the market equilibrium quantity if the market supply is constant at 10.4. Suppose you are given the following demand curves: Q = 32 – P and Q = 16 – (P/2).Add these two demand curves vertically and find the market demand curve.5. Suppose there is a public good that has market supply characterized by the equation X =(P/3) – (32/3). Suppose further that market demand for this good can be characterized by the equation X = 25 –P. Find the equilibrium quantity of the public good that will be supplied.True/False/Uncertain Questions1. The free rider problem causes less than optimal production of a public good.2. Pure private goods are nonrival in consumption.3. Most goods that are nonexcludable are pure public goods.4. Vertical summation of demand curves yield results equivalent to those of horizontalsummation.5. Increasing the quantity of a pure public good can be done at zero cost.6. Demand curves for pure public goods satisfy the law of demand.7. Pure public goods involve positive externalities.8. Increases in spending on education will lead to an increase in student performance.9. Privatization means taking services that are supplied by the government and turning themover to the private sector for provision.10. Private goods are always provided by the private sector.Essay Questions1. You have read that the free rider problem affects equilibrium in a public good context.Explain how this situation can be modeled as a prisoner’s dilemma game.2. Discuss and contrast the advantages and disadvantages of public highways versus tollroads.3. Some economists believe that public schools would improve if they were subjected tocompetition. Discuss the pros and cons of this idea.。
罗森 财政学 第七版(英文版) 配套习题及答案Chap002
CHAPTER 2 - Tools of Positive AnalysisMultiple-Choice Questions1. Positive economicsa) does not depend on market interactions.b) only looks at the best parts of the economy.c) examines how the economy actually works (as opposed to how it should work).d) is very subjective.2. The Law of Demand statesa) that there is an inverse relationship between price and quantity demanded.b) that the judicial branch of government sets demand schedules.c) that laws can have no effect on market economies.d) none of the above.3. The function Y = f(X,Z) meansa) X multiplied by Y equals f.b) X + Y = Z.c) Y is a function of both X and Z.d) none of the above.4. If there is a function and one component is Y3, then there is a ____ in the function.a) square rootb) cubicc) cosined) circlee) all of the above5. Refer to Question 4 above. The equation containing Y3 would bea) linear.b) quadratic.c) a Nash equilibrium.d) inefficient.e) nonlinear.6. Marginal and average taxes area) calculated using the same methodology.b) not used in modern tax analysis.c) not calculated using the same methodology.d) all of the above.7. The slope of a regression line is calculated by dividinga) the intercept by the change in horizontal distance.b) the change in horizontal distance by the change in vertical distance.c) the change in horizontal distance by the intercept term.d) the change in vertical distance by the change in horizontal distance.e) none of the above.8. Unobserved influences on a regression are captured in thea) error term.b) parameters.c) regression line.d) significance term.e) regression coefficient.9. The following can be analyzed using econometrics:a) labor supply.b) market demand.c) tax-setting behavior.d) poverty.e) all of the above.10. Normative economicsa) does not depend on market interactions.b) only looks at the best parts of the economy.c) examines how the economy actually works (as opposed to how it should work).d) embodies value judgments.11. The Latin phrase ceteris paribus meansa) let the buyer beware.b) other things being the same.c) swim at your own risk.d) whatever will be will be.12. The substitution effecta) is when individuals consume more of one good and less of another.b) is associated with changes in relative prices.c) will have no effect if goods are unrelated.d) is all of the above.13. Self-selection bias affects empirical estimation bya) leading to samples that are not representative of the entire population.b) making estimators improved.c) increasing the accuracy of test results.d) doing none of the above.14. When different bundles of commodities give the same level of satisfaction, you area) said to be indifferent between the bundles.b) said to be confused.c) not able to make a decision.d) unhappy with any combination.e) none of the above.15. The marginal rate of substitution isa) the slope of the utility curve.b) the slope of the contract curve.c) the slope of the utility possibilities curve.d) none of the above.Discussion Questions1. Suppose that a competitive firm’s marginal cost of producing output q is given byMC=2+2q. Assume that the market price of the firm’s product is $13.a) What level of output will the firm produce?b) What is the firm’s producer surplus?2. Use the following function for elasticity: = -(1/s)(P/X), where s is the slope of thedemand curve, P is the price, and X is the quantity demanded, to find elasticity when demand is X d= 22-(1/4)P when the price of good X is 20.3. Imagine that the demand for concert tickets can be characterized by the equation X d = 7 –P/5. The supply of tickets can be written as X d = -2 + P/5. Find the equilibrium price and quantity of concert tickets.True/False/Uncertain Questions1. Empirical analysis generally deals with theory and little data.2. Economists attempt, with moderate success, to perform controlled experiments makingpolicy analysis helpful.3. Regression coefficients are indicators of the impact of independent variables ondependent variables.4. Primary data sources include information gathered from interviews and experiments.5. Multiple regression analysis typically requires several computers.6. Econometrics is the statistical analysis of economic data.7. Theory is always necessary for empirical research.8. The demand for a good is not affected by the demand for a related good.9. Equilibrium in the market is where supply is equal to demand.10. A model is a simplified description of some aspect of the economy.Essay Questions1. “Since the social sciences are not like the natural sciences, experiments are a waste oftime.” Comment on the above statement.2. Discuss the concept in econometrics that states, “garbage in . . . garbage out.”3. It is possible that two different economists can examine the same situation, such asschool funding, and reach entirely different conclusions. Why is this so?。
财政学 哈维罗森 第七版 课后习题答案(英文)(2)
Chapter 7 – Income Redistribution: Conceptual Issues1. Utilitarianism suggests that social welfare is a function of individuals’ utilities. Whetherthe rich are vulgar is irrelevant, so this part of the statement is inconsistent with utilitarianism. O n the other hand, Stein’s assertion that inequality per se is unimportant is inconsistent with utilitarianism.2. a. To maximize W, set marginal utilities equal; the constraint is I s + I c = 100.So,400 - 2I s = 400 - 6I c.substituting I c = 100 - I s gives us 2I s = 6 (100 - I s ).Therefore, I s = 75, I c = 25.b.If only Charity matters, then give money to Charity until MU c = 0 (unless all themoney in the economy is exhausted first).So,400-6 I c = 0; hence, I c = 66.67.Giving any more money to Charity causes her marginal utility to become negative,which is not optimal. Note that we don’t care if the remaining money ($33.33) isgiven to Simon or not.If only Simon matters, then, proceeding as above, MU s. 0 if I s = 100; hence, givingall the money to Simon is optimal. (In fact, we would like to give him up to $200.)c.MU s = MU c for all levels of income. Hence, society is indifferent among alldistributions of income.3. The main conceptual problem with the poverty gap is that it doesn’t account fo r theincome effect on labor force participation rates. The poverty gap is calculated assuming there are no behavioral responses; e.g., that labor income would remain unchanged even after the income was transferred to the poor population, but economic theory predicts that this will not be so. In fact, if the poor household were given enough income to bring it out of poverty, we would believe that the household would work less as a result of receiving this transfer. This complicates the analysis, of course, because once the household works less, then it will generate less labor income, thus lowering its overall income. This means that the poverty gap actually understates the amount of money necessary to alleviate poverty in the United States. In addition, the poverty gap is based on the official poverty line, which is thought to be an ad-hoc measure of the true “needs”of a family.4. A day care center is an example of an in-kind compensation. The figure below is similarto Figure 8.2 in the text. The original budget line is G1 H1 If the employee received $5,000 cash, the budget line moves to G2 H2 . An employee who uses the day care center may not be $5,000 better off. The employee consumes at point A, but would be better off at point B, which represents consumption after a cash transfer of $5,000.5. a. This would increase the incomes of the providers of computer equipment and theindividuals who maintain the equipment. In the long run, this might also increasethe incomes of the students who use the equipment. Moreover, giving a laptop toall seventh graders (rather than poor seventh graders) may simply “crowd-out”computer transfers from parents to children. One could imagine that nowadaysmany children do have a computer at home, paid for by the parents. Thisgovernment transfer may simply result in less parental transfer to the child.b.Providing free after-school programs for children in impoverished families largelyacts as an in-kind transfer for poor, working households. The program is of littlevalue for unemployed households, as the alternative would be childcare at home.For those who are employed, and paying for childcare, this program provides analternative and effectively changes the after-tax, after-working-cost wage. Thisalso may affect work behavior on the extensive margin. The likely “losers” fromsuch a program are childcare providers, who see a reduction in demand for theirservices. In principle, this reduction in demand could lower the hourly childcarecost for all workers with children, though this effect is likely to be modest becausemost impoverished families do not have a very large labor force attachment and,thus, their effect on the childcare market as a whole is likely to be small.6. a. False. Society is indifferent between a util to each individual, not a dollar to eachindividual. Imagine that U L=I and U J=2I. Then each dollar given to Jonathanraises welfare more than the same dollar given to Lynne.b. True. The social welfare function assumes a cardinal interpretation of utility sothat comparisons across people are valid.c. False. Departures from complete equality raise social welfare to the extent thatthey raise the welfare of the person with the minimum level of utility. Forexample, with the utility functions U L=I and U J=2I, the social welfare functionW=min[U L,U J] would allocate twice as much income to Lynne than Jonathan.7. Initially the price of food was $2 and the price of other goods was $1. The black marketfor food stamps changes the price of food sold to $1. In Figure 7.2 of the textbook, as one moves to the “northwest” from point F, the segment will now have a slope (in absolute value) of 1 rather than 2. The black market may make the individual better off if the best point on her budget constraint AFD was initially at the corner solution of point F, and the black market certainly does not make her worse off. It is important to note that the black market does not always make the recipient better off. If the (absolute value) of the marginal rate of substitution (MRS) were between 1 and 2, the indifference curve would not “cut” into the new part of the budget constraint with the black market.If the MRS were less than (or equal to) 1 in absolute value, the person would be made better off and would reduce food consumption by selling the food stamps on the black market.Food StampGuarantee Food8. Pareto efficient redistribution is a reallocation of income that increases (or does notdecrease) the utility of all consumers. With these two consumers, Marsha’s utility increases as Sherry’s utility increases. Thus, it may be possible to reallocate income from Marsha to Sherry and raise both of their utility. With Sherry’s initial utility function of U S=100Y S1/2, her utility with $100 of income is U S=100($100)1/2, or U S=1,000. With Marsha’s initial utility function of U M=100Y M1/2+0.8U S, her utility with $100 of income is U M=100($100)1/2+0.8(1,000), or U M=1,800. If the social welfare function is additive, then initial welfare is W=U S+U M=1,000+1,800=2,800. If $36 is reallocated from Marsha to Sherry, then Sherry’s income is now $136 and Marsha’s is now $64. With Sherry’s utility function, her utility with $136 of income is U S=100($136)1/2, or U S=1,166.190.With Marsha’s utility function, her utility with $64 of income is U M=100($64)1/2+0.8(1,166.190), or U M=800+932.952=1,732.952. In this case, Sherry’s utility increases from 1,000 to 1,166.190, while Marsha’s utility falls from 1,800 to 1,732.952. Social welfare increases with this redistribution, going from 2,800 to 2,899.142. Thus, this redistribution increases social welfare, but is not Pareto efficient redistribution.Chapter 8 – Expenditure Programs for the Poor1. a. Note that the figure below shows the correct shape of the budget constraint, butthe numbers themselves are outdated. With a wage rate of $10 per hour,Elizabeth earns $100. Because the deduction in California is $225, none of herearnings are counted against the $645 welfare benefit. Thus, her total income is$745 (=$100+$645).b.The actual welfare benefits collected by a person equals B=G-t(Earnings-D),where B=actual benefits, G=welfare grant, t=tax rate on earned income, andD=standard deduction. Thus, (Earnings-D) is the net earnings that are taxed awayin the form of reduced benefits. When benefits equal zero (B=0), the expressionbecomes 0=G-t(Earnings-D), which collapses to: Earnings=G/t+D. This is knownas the “breakeven formula.” In the California context here, the expressionbecomes Earnings=$645/0.5 + 225, or Earnings=$1,515. With a wage rate of $10per hour, this corresponds to 151.5 hours of work per month.c.The diagram shows the correct shape of the budget constraint, but the “577” figureshould be r eplaced with “645” and the “9” hours should be replaced with “22.5”.d.The diagram above shows one possibility – in this case, Elizabeth is both workingand on welfare – but she collects a reduced welfare benefit in this case.2. One could gather data on the earnings of those in the program, as well as earnings datafrom nonparticipants. Regress the earnings variable on demographic variables and other factors that determine earnings (such as education and experience), and a variable that indicates whether the individual participated in the training program. Factors that affect local employment conditions, such as unemployment levels, may help explain earnings, but they may also explain participation in the program. The econometric strategy should be chosen carefully to account for this.3. If the quantity of leisure consumed by X appears as an argument in the utility function ofY, then X’s consumption of leisure creates an externality. If the externality is negative(i.e., Y likes X to work), then a wage subsidy of X might induce him to work the efficientnumber of hours. Alternatively, a workfare program might achieve the same goal by simply forcing X to work. However, to the extent that the feasible quantity of labor supply is determined less through market incentives now, workfare would be less efficient.4. He participates in the public housing program as long as P1P2ca cef.5. As illustrated below, the budget constraint with food stamps has a “notch” in it, similar tothe analysis of Medicaid in Figure 8.9 of the textbook. At the notch, the marginal tax rate is greater than 100%. One key difference from the figure in the textbook is that the marginal tax rate on earned income for Medicaid is 0% until the “Medicaid notch,” while the marginal tax rate on earned income for food stamps is 24% until the “food stamp notch.” The reason the food stamp notch exists at all is that there is a “gross income test,” where a recipient is ineligible if income is higher than the limit. The characterization in the Rosen textbook on page 189 that “at some point near the poverty line, food stamps worth about $1,250 are suddenly lost” implicitly assumes that childcare costs are quite high. This is likely to be true for many households. In the year 2004, this monthly (annual) gross income limit was $1,994 per month ($23,928 per year) for a family of four, while the monthly guarantee was $471 ($5,652 per year). Assuming the family had earnings at the limit of $1,994 of earnings during the month, and after applying a 20% earnings deduction and a $134 monthly standard deduction, the household would receive a monthly (annual) benefit of $32 ($384). We arrive at this number using the equation B=G-t(E-.2E-D)=471-.3(.8*1994-134)=$471-$438.36=$32.64, which is then rounded down to $32. In this case, B=actual benefits received, G=food stamp guarantee, t=tax rate, E=earnings, and D=standard deduction. Increasing annualearnings by $1 from $23,928 to $23,929 would reduce food stamp benefits from $384 to $0; hence the “food stamp notch.” This notch would be even higher if the household qualified for a childcare deduction, child support deduction, or shelter deduction. The childcare deduction ranges between $175 and $200 per child per month. Assuming this family of four consisted of a mother and three children, each with $175 of monthly childcare costs, then B=G-t(E-.2E-D-C)=471-.3(.8*1994-134-525)=$471-$280.86=$190.14, which is then rounded down to $190. The modification here is that C=childcare costs. This amount corresponds to an annual food stamp benefit of $2,280. Figure 8.5 below draws the budget constraint using annual levels for the food stamp program, using 2004 rules and assumes no childcare expenses.6. For an individual who is not working while on welfare, in this case the highestindifference curve touches the budget constraint on the right vertical axis. Note that the marginal rate of substitution (MRS) does not necessarily equal the after-tax wage rate at the time endowment – rather, it is possible that the person would want to consume more leisure than the time endowment but is obviously constrained from doing so.Leisure$23,928Leisure7.In all cases, the demand curve for housing slopes downward. a. If the price of low income housing gets bid up but there is no increase in the stock of housing, then the supply curve is perfectly inelastic, e.g., vertical.Q 0Q HOUSINGFIGURE 8.7a – Demand curve shiftsb.If there is no increase in the price of housing, but there is an increase in the stockof housing, then the supply curve is perfectly elastic, e.g., horizontal.Q 0Q HOUSINGFIGURE 8.7b – Demand curve shifts Q 1c.If there is an increase in both the price and quantity of housing, then the supplycurve slopes upward.According to Sinai and Waldfogel, there is partial crowding out, consistent with case cabove. Although the underlying housing stock itself is probably quite inelastic in the short-run, the number of rental homes can be more elastic as (potential) landlords convert vacation homes or vacant homes into rental units.8. a.When Eleanor’s hours (earnings) go from 0 to 1,000 ($0 to $8,000), she qualifiesfor an additional earned income tax credit (EITC) worth $3,200 (=0.4*8,000).Thus, her income goes up from $0 to $11,200. Note to instructors – thedistinction between earnings and income may cause confusion in the students’answers. b.When Eleanor’s hours (earnings) go from 1,000 to 1,500 ($8,000 to $12,000), shequalifies for the maximum EITC (according to Figure 8.8 in the textbook). Shereceives the full EITC when her earnings exceed $10,510, at which time the creditequals $4,204 (=0.4*$10,510). The earnings between $10,510 and $12,000 face neither a subsidy nor phase-out from the EITC. Thus, her income goes up from $11,200 to $16,204.c. When Eleanor’s hours (earnings) go from 1,500 to 2,000 ($12,000 to $16,000),she moves into the range where the EITC is phased out. According to Figure 8.8 Q 0Q HOUSINGFIGURE 8.7c – Demand curve shifts outward,Q 1in the textbook, she receives the maximum subsidy of $4,204 until her earningsexceed $14,730. For the marginal earnings between $14,730 and $16,000, theEITC is reduced at a 21.06% tax rate. Thus, her EITC falls by $267.46 from$4,204 to $3,936.54 (=4,204-0.2106*(16,000-14,730)). Her income rises from$16,204 to $19,936.54.Chapter 9 – Social Insurance I: Social Security and Unemployment Insurance1. With adverse selection, insurance contracts with more comprehensive coverage arechosen by people with higher unobserved accident probabilities. To make up for the fact that a benefit is more likely to be paid to such individuals, the insurer charges a higher premium per unit of insurance coverage.2. There are many possible implications of a voluntary Social Security system. Onepossibility is that people would save less for retirement, betting that society would not put up with having great numbers of elderly poor. Part of the effect of the Friedman program, then, would depend on the government's credibility when it promises not to bail out people who do not save enough to survive during retirement.3. Use the basic formula for balance in a pay-as-you-go social security system:t =(N b/N w)*(B/w).Call 1990 year 1 and 2050 year 2. Thent1 = .267*(B/w)1t2 = .458*(B/w)2It follows that to keep (B/w)1=(B/w)2 we require t2/t1=.458/.267=1.71. That is, tax rates would have to increase by 71 percent. Similarly, to keep the initial tax rate constant, we would require (B/w)2/(B/w)1=.267/.458=0.58. Benefits would have to fall almost by half.4. If Social Security benefits are partially taxed for those who have other income over acertain level, then there is an implicit means test in receiving full, untaxed benefits.However, there is no explicit means test for eligibility for the program. Everyone receives benefits, though some recipients must pay some tax on them. Thus, the two statements are somewhat inconsistent with each other.5. Austen’s quote seems like it could relate adverse selection, but perhaps more likely, tomoral hazard. The q uote “If you observe, people always live forever when there is any annuity to be paid them” in a sense sounds like they act differently (e.g., better diet, more exercise, etc.) when an annuity is to be paid –the idea of moral hazard. In contrast, adverse selection suggests that people who expect to live a long time to be the ones who purchase annuities. A recent paper by Finkelstein and Poterba (NBER working paper, December 2000) found that “mortality patterns are consistent with models of asymmetric inf ormation” and that annuity “insurance markets may be characterized by adverse selection.”6. Equation (9.1) relates taxes paid into the Social Security system to the dependency ratioand the replacement ratio, that is, t=(N b/ N w)*(B/w). If the goal of public policy is to maintain a constant level of benefits, B, rather than a constant replacement ratio, (B/w), then taxes may not need to be raised. If there is wage growth (through productivity), then it is possible to maintain B at a constant level, even if the dependency ratio is growing.By rearranging the equation, we can see that B=t*w*(N b/ N w)-1. That is, increases in wage rates (the second term) offset increases in the dependency ratio (the third term).Thus, constant benefits do not necessarily imply higher tax rates.7. The statement about how the different rates of return in the stock market and governmentbond market affect the solvency of the trust fund is false. If the trust fund buys stocks, someone else has to buy the government bonds that it was holding. So, there is no new saving and no new capacity to take care of future retirees.8. Diamond and Gruber’s calculations suggest that the additional year of work (and delayedretirement) lowers the present discounted value of expected Social Security wealth by $4,833. If the adjustment were actuarially fair, Social Security wealth would neither rise nor fall. Since wealth falls, the adjustment is actuarially unfair.9. For those who argue that the scheme for financing Social Security is unfair becausepeople with low earnings are taxed at a higher rate than those with high earnings, the key issue is that the cumulative payroll tax of 12.4 percent is capped for each person, after which the payroll tax is zero (this ignores the 2.9 percent uncapped Medicare tax, however). The earnings ceiling in 2004 is $87,900. Hence, Social Security payroll taxes as a share of earnings fall after the ceiling is passed – thus, the Social Security payroll tax may be thought of as regressive. The opponents to this view note that the above analysis only focuses on taxes paid, not benefits received. As shown in Table 9.3, Social Security redistributes from high earners to low earners, and the formula for the primary insurance amount offers extremely high replacement rates to very low earners, and much lower replacement rates to high earners. Thus, the net tax payment(taxes minus benefits) is likely to be progressive, not regressive. One critical assumption in this kind of analysis is how one computes lifetime benefits –e.g., do we assume that low earners and high earners live the same number of years?10. Let G stand for the individual’s gross earnings. The question assumes that the personfaces a marginal tax rate of 15% and a payroll tax of 7.45%. Thus, the person’s after-tax earnings (denoted by N) are N=(1-t earn-t payroll)G, or N=(1-0.15-0.0745)G, or N=0.7755G.It is assumed that the gross unemployment benefits, U, are equal to 50 percent of before-tax earnings, or U=0.5G. Net unemployment benefits, B, take out income taxes, so B=(1-t earn)U=(1-t earn)0.5G=(1-0.15)0.5G=0.425G. The percentage of the individual’s after-tax income that is replaced by UI is therefore equal to B/N, or 0.425G/0.7755G, which is approximately 54.8%.Unemployment benefits are about 55% of the individual’s previous after-tax income. The effects of unemployment insurance on unemployment area matter of considerable debate. While the high replacement rates from UI may increasethe duration of unemployment, the longer search time may reduce recurrence of unemployment by allowing time for a worker to find a better job match. Empiricalstudies seem to show that the hazard rate into employment spikes up around the time that benefits run out – perhaps suggesting that job matches are not really improving.Chapter 10 – Social Insurance II: Health Care1. The quotation contains several serious errors. First, concern with health care costs doesnot mean that health care is not a “good.” Economists do not care about the cost of health care per se. Rather, the issue is whether there are distortions in the market that lead to more than an efficient amount being consumed. Second, it makes a lot of difference how money is spent. One can create employment by hiring people to dig ditches and then fill them up, but this produces nothing useful in the way of goods and services. Thus, employment in the health care sector is not desirable in itself. It is desirable to the extent that it is associated with the production of an efficient quantity of health care services.2. a. Those who have a relatively high probability of needing the insurance are the oneswho are most likely to buy it. This raises the premium, which in turn, leads toselection by people who have an even higher probability of using it. The cyclecontinues until the price is so high that virtually no one purchases the policy.b.Employer-provided health insurance is deductible to the employer and not taxed tothe employee.c.Because of the tax subsidy, individuals may purchase more than the efficientamount of health insurance. That is, they “over-insure.” An interesting exampleof how the tax system leads to overinsurance is given in a recent Wall StreetJournal (January 19, 2004) article by Martin Feldstein. He gives an example oftwo different California Blue Cross health plans – identical in all respects exceptfor the deductible and annual premiums. The low-deductible plan (the “generous”plan) has a deductible of $500 per family member, up to a maximum of two andan annual premium of $8,460. Thus, the maximum out-of-pocket expense is$1,000. The high-deductible plan (the “less generous” plan) has a deductible of$2,500 per family member, up to a maximum of two, and an annual premium of$3,936. Thus, the maximum out-of-pocket expense is $5,000. Note that thepremium savings of $4,524 actually exceeds the maximum incremental deductiblepayment of $4,000 (which would only occur if the family had very high healthexpenses). In principle, the high deductible plan is unambiguously better. But thetraditional tax rules could lead an employer to choose the low deductible policy.If the employee faced a marginal tax rate of 45% (the sum of federal, state, andpayroll tax rates), then if the $4,524 premium saving was turned into taxablesalary, the individual’s net income would only rise by $2,488. Thus, families withhigh expected medical expenses do better with the “generous” plan, even though itis more costly in terms of premiums.3. a. D d=4.22–(0.044)(50)=2 visits per year.Total expenditure =(2)(50)=$100b.Now the individual pays only $5 per visit.D d = 4.22 – (0.044)(5) = 4 visits, with out-of-pocket costs of $20.Insurance company pays ($45)(4) = $180Total expenditure = $200, double its previous level.4. Examining Figure 10.1, we can see why health care costs increased for the state ofTennessee. As insurance coverage increases, this lowers the cost of medical expenses for those who were previously did not have insurance, which increases the overall amount of medical services they consume. Before receiving insurance, these people demand M o units of medical services, and the amount they pay is represented by the area OP o aM o.But after receiving insurance coverage, they demand M1amounts of medical services, paying only OjhM1, while their insurance pays jP o bh. The increase in insurance payments is sizable for two reasons – first, by providing coverage, it pays for the majority of the already sizable medical expenses incurred by this group, and second, the introduction of insurance makes the group consume even more medical services. In short, if the people who designed the Tennessee program had realized that the demand curve for medical services is downward sloping, they would not have been surprised at the consequences of their program.To explain why HMOs have been unable to contain long-run health care costs, it is necessary to consider the effect of technology on health care costs in the long-term. The inherent problem is that the market for medical care places a large premium on using the latest and most-developed medicines and machinery for treating patients. These technologies tend to be expensive. Hence, while introducing HMOs can lead to a once and for all decrease in the rate of change in health care costs, there is nothing that an HMO can do to lower the cost of continually providing the latest in medical treatments. 5. The goal of making the Medicare prescription drug benefit a one-time, permanentdecision is to reduce the adverse selection problem (no te: the current “Medigap”program operates in this manner to some extent – a senior citizen has choice over all 10 of the Medigap plans for only a short period of time after they turn 65, after which they may be denied based on their health). Imagine a cohort of people turning age 65 and becoming eligible for the Medicare drug benefit. If the decision to enter (or exit) could be made every year, then healthy senior citizens would have a strong incentive to wait until they became unhealthy and needed drugs, and then enter the prescription drug program (presumably resulting in economic losses for the program). Similarly, when people who were collecting the prescription drug benefit became healthy, they would have a strong incentive to “opt-out” of the prog ram. By making the decision opt-in at the beginning or not at all, the healthy younger seniors are likely initially cross-subsidizing the older seniors. Note that this “opt-in at the beginning” works because bad health and older age are positively correlated with each other. If, for example, younger seniors used more drugs (and perhaps older seniors used more inpatient care, etc.), then older seniors could simply stop paying annual premiums and give up their option of being in the program. If this scenario held empirically, this would exacerbate the adverse selection problem and the opt-in scenario would not completely solve the adverse selection problem.6. The budget constraint initially has units of Medigap on the x-axis, and other goods on they-axis. Given initial prices of $1 per unit for each good, and $30,000 of income, the budget constraint has a slope of -1, and the intercepts on both axes are at 30,000 units. It is assumed that the initial utility maximizing bundle consumes 5,000 units of Medigap, hence the indifference curve is tangent at (5000,25000). All of this is illustrated in the figure below.Medigapefficiency units30,000 5,000After the “minimum Medigap” mandate, the consumer can either choose 0 units of Medigap or 8,000 or more units of Medigap. Thus, part of the budget constraint is eliminated (though the overall shape remains the same as before). After the mandate, the point (0,30000) is available, as well as all of the points to the southeast of the point (8000,22000). Clearly, the person’s utility must fall since the preferred choice, (5000,25000) is no longer available. If the person attains a higher level of utility as (0,30000) compared with (8000,22000), the person chooses to not purchase Medigap. In this case, the marginal rate of substitution is no longer equal to the price ratio. This is illustrated below.Medigapefficiency units30,000 5,000 8,000。
哈维罗森财政学课后答案Chapter_06
Chapter 6 – Political Economy19Chapter 6 – Political Economy1. a. Below, the preferences for Person 1 and Person 2 are drawn. Same procedure isused for the other three people.b. C wins in every pairwise vote. Thus, there is a stable majority outcome, despite thefact that persons 1, 2, and 3 have double-peaked preferences. This demonstrates thatalthough multi-peaked preferences may lead to voting inconsistencies, this is notnecessarily the case.2. The belief that the tax bill will pass because it contains provisions sought by so manydifferent lawmakers is consistent with the logrolling model. It could be the case that each lawmaker has inserted favored provisions with the understanding that other lawmakers will support the overall package provided it contains the provisions they favor.3. Without vote-trading, neither bill would pass. If there is vote-trading, then voter B would agree to support issue X provided voter A supports Issue Y, allowing both bills to pass. The change in net benefits is +3 for Issue X and -2 for Issue Y, so logrolling results in a gain of +1.4. Yes, it is consistent, because the theory says that when unanimity is required, no decisions are likely to be made. A majority system might be more suitable, although it is subject to cycling and other problems.5. Assuming that the preferences of Kuwaiti women differ from the preferences of Kuwaiti men, stronger voter turnout by women could invalidate the median voter theorem. That is, the results of majority voting would not reflect the preferences of the median voter.6.When there is a vote over five options, there is the chance that a potential majority vote is split between four relatively preferred options, and the fifth option wins. The winning option may have been voted down if it had been a two-way vote with any of the other options. Further, if preferences are not single-peaked, cycling and inconsistent public decisions may emerge.Part 2 – Public Expenditure: Public Goods and Externalities7. Given the U.S. experience with the Budget Enforcement Act of 1990, we would expectthe EU deficit li mits to be ineffective. We would expect “accounting tricks” to mask the size of the deficits (such as itemizing various budget items as “unexpected emergencies”), and if that didn’t work, we would expect the deficit rules to be ignored. This is apparently what is happening. When Germany exceeded the deficit target, no moves were taken to levy the required fines.8. Since rents, by definition, are the returns above a normal return, then when the licensesare put on the market, their price will be the value of the rents. Hence, the owner of the peanut license, whoever he or she is, only makes a normal return. Put another way, the license is an asset that earns a normal rate of return. If the peanut license system were eliminated, efficiency would be enhanced. But the elimination would, in effect, confiscate the value of this asset. It is not clear that this is fair. One could also argue that when someone buys this asset, the purchase is with the understanding that there is some probability that its value will be reduced by elimination of the program; hence, it is not unfair to do so.9. a. With the demand curve of Q=100-10P and a perfectly elastic supply curve at P=2,then the milk is sold at a price of $2, and a quantity of 80 units is sold.b. The marginal revenue curve associated with the inverse demand curve P=10-(1/10)Q is MR=10-(1/5)Q, while the marginal cost curve is MC=2. The cartelwould ideally produce a quantity where MR=MC, or 10-(1/5)Q=2, or Q=40. Theprice associated with a cartel quantity of 40 units is P=10-(1/10)*40, or P=6.c. The rent associated with the cartel is the product of the marginal profit per unitand the number of units produced. The marginal profit per unit of milk is $4 (=$6price - $2 marginal cost), while 40 units are produced. Thus, the rents equal $160.d. The most the cartel would be willing to contribute to politicians is the fulleconomic rent of $160. The cartel situation, the quantity of milk produced is toolow from society’s point of view. The deadweig ht loss triangle is computed usingthe difference between the cartel output and competitive output as the “base” ofthe triangle, and the difference between the cartel price and competitive price asthe “height.” Thus, the triangle is equal to (1/2)*(80-40)*($6-$2)=$40.e. As Figure 6.5 in the textbook shows, the deadweight loss could now go as high asthe sum of the conventional deadweight loss and the rents, or $160 rents + $80DWL = $240. This is because, as noted in the text, “rent-seeking can use upresources – lobbyists spend their time influencing legislators, consultants testifybefore regulatory panels, and advertisers conduct public relations campaigns.Such resources, which could have been used to produce new goods and services,are instead consumed in a struggle over the distribution of existing goods andservices. Hence, the rents do not represent a mere lump-sum transfer; it is ameasure of real resources used up to maintain a position of market power.”20Chapter 6 – Political Economy 10. Niskanen’s model of bureaucracy is illustrated in Figure 6.4 of the textbook. In theaftermath of September 11th, the new concerns over food safety would likely shift the V curve upward (that is, the value placed on each level of Q). Assuming that C curve (costs per unit of Q) does not change, then this shift increases the actual number of food inspectors hired. It is also likely that the slope of the V curve changes, with each marginal unit of Q becoming more valuable. Thus, the V curve not only “shifts” upward, but becomes steeper as well. Both of these effects – the shifting of the V curve and the change in the slope –lead to greater values of Q under the bureaucracy model. The change in the slope leads to a greater value of Q*, the efficient level of output. Thus, the optimal number of FDA employees and the actual number of FDA employees are likely to rise.11. a. The outcome of the first election (M vs. H) is M. The outcome of the secondelection (H vs. L) is L. The outcome of the third election (L vs. M) is M.Majority rule leads to a stable outcome since M defeats both H and L. Giving oneperson the ability to set the agenda would not affect the outcome in this case.b. With the change in Eleanor’s preference ordering, majority rule no longergenerates a stable outcome. In a vote between M and H, the outcome is H. In avote between H and L, the outcome is L. In a vote between L and M, the outcomeis M. So, giving one person the ability to set the agenda affects the outcome. Forexample, Abigail prefers H, so she might pit L against M first in order toeliminate L and avoid having L defeat H.21。
(财政学罗森第九版英文课件)Chap022Public Finance in a Federal System
Unconditional Grants
• Revenue sharing • Measuring Need
– Tax effort
22-27
The Flypaper Effect
• Whose indifference curves? • Median voter theorem • Flypaper effect
22-14
Incidence and Efficiency Effects – The Traditional View - Tax on Structures
Price per structure
PgB PnB = PP0B0B
PnL
Price paid by tenants increases by full amount of
E2 E1
G1 G2
B
R
Units of public good (G) per year
22-24
Conditional (Categorical) Grants
Matching Closed-Ended Grants
Consumption (c) per yearAFra bibliotekcc31
D E3 E1
G1 G3
the tax
B1
B0
SB
DB DB’
Number of structures per year
22-15
Summary and Implications of the Traditional View
• Progressivity
– Land tax – Structures tax
• Empirical evidence
罗森 财政学 第七版(英文版) 配套习题及答案Chap008
CHAPTER 8 – Expenditure Programs for the Poor Multiple-Choice Questions1. The Earned Income Tax Credit (EITC)a) provides more income to those people on welfare.b) is a tax on low income workers.c) provides additional tax credits to low income workers.d) is a tax break for the wealthiest Americans.e) was eliminated by the Bush administration.2. The switch from AFDC to TANF took place ina) 1937.b) 1986.c) 1996.d) 1998.e) 2003.3. Social Security Income(SSI) is available for all, excepta) aged.b) immigrants.c) blind.d) disabled.4. A dollar reduction in benefits as a result of a dollar income from working is aa) 50% tax rate.b) 75% tax rate.c) 0% tax rate.d) 100% tax rate.5. Who is eligible to receive food stamps?a) poor families without childrenb) childless single menc) childless single womend) all of the abovee) a and c6. Voucher programs for housinga) provide rent vouchers for existing housing stock.b) are under utilized with a surplus of housing stock.c) provide down payment assistance to purchase homes.d) are known as Section 8.e) do none of the above.7. The Head Start programa) has been successful in fostering better levels of school attainment.b) began in 1965.c) provides preschool activities for 4 and 5 year old disadvantaged students.d) does all of the above.e) does none of the above.8. Enrollment in the Medicaid programa) is designed for those persons 65 years of age and older.b) has increased due to expanded eligibility.c) covers all medical expenses that a poor person may incur.d) requires a substantial co-payment that has not been helpful to poor families.9. Federal job training programsa) help provide job market skills to those in poverty.b) have been overwhelmingly effective in helping those in poverty.c) cost very little money per person participating.d) do all of the above.e) do none of the above.10. The group comprising the highest percentage of the poor isa) the disabled.b) elderly.c) male heads of households.d) children.11. The U nited States’ official measure of poverty is measured bya) only cash income.b) cash income and capital gains.c) only in-kind income.d) the imputed value of rent payments.12. Which is the largest cash transfer program for the poor?a) TANFb) Medicarec) SSId) Medicaide) Section 813. Under TANF, the time limit for receiving benefits during a lifetime isa) 12 years.b) 13 weeks.c) 60 months.d) 5 months.e) unlimited.14. Which group is not provided aid by Medicaid?a) elderlyb) blindc) disabledd) poore) none of the above15. All of the following are in-kind benefit programs, excepta) food stamps.b) Medicaid.c) energy assistance.d) SSI.Discussion Questions1. Consider a negative income tax. As discussed in your textbook, under the negativeincome tax, each person is entitled to a grant of G dollars per month. For every dollar the person earns, the grant is reduced by t dollars.a) Suppose G = 200 and t = 0.40. Consider an individual whose hourly wage is $10.There are 30 days in a month (so T is 720). Sketch the budget constraint beforeand after the introduction of a negative income tax.2. This question is similar to Question 1 of Chapter 8 in your textbook. In New York, awelfare recipient can earn $90 per month without having her benefits reduced. Beyond $90, benefits are reduced by 57 cents for every dollar of earnings. Consider Jackie, a resident of New York, who can earn $10 per hour. If she does not work at all, she is eligible for welfare benefits of $577.a) If she works 10 hours, how much are her work earnings, how much is her welfarebenefits, and how much is her total income?b) After Jackie works a certain number of hours, she does not receive any benefits atall. What is that number of hours?3. Suppose in a certain city the demand for low-cost housing can be characterized by theequation Q = 165 – P/2, where Q is housing measured in square feet. Further, suppose that supply is characterized by the equation: Q = P/2 – 1.a) How much consumer surplus is there?b) Suppose that a grant is given so that the supply of housing is increased. Thisincrease changes the supply curve to Q = P/2. How much does consumer surpluschange because of the grant?4. Return to Question 3 above. Suppose that the government feels that the grant is notenough and, in addition, imposes a price ceiling of $125. What will happen to consumer surplus? What are the drawbacks?5. A needy family consisting of a mother and three children currently receives cash benefitsthat average $12 per day. The mother of this family is allowed to earn an average of $4 per day before her benefits begin to decline. After that, for each dollar earned, cash benefits decline by 67 cents for each dollar earned. Assume that she can find work at $4 per hour.a) How many hours will she have to work per day before her benefits are eliminated? True/False/Uncertain Questions1. Under TANF, at least 50% of single mother recipients and 90% of two-parent familiesmust be working or in work preparation programs.2. Poor people who participate in job training programs are more successful in leavingpoverty.3. In 1990, 29% of the United States’ population was in poverty.4. Increasing the wage rate will cause people to work more.5. Crowding out can occur when public insurance crowds out private insurance.6. In 2002, 20.7% of blacks were classified as being in poverty.7. Medicaid is the most expensive program that the government runs that provides benefitsto the poor.8. The majority of government programs designed to help poor families consists of directcash payments.9. Workfare requires able-bodied individuals to participate in work-related activities inorder to receive transfer payments.10. Only about a quarter of the population eligible for housing subsidies actually receivesthem.Essay Questions1. Over the years, there have been many programs designed to help the poor. One of themore popular ones has been the Earned Income Tax Credit (EITC). What makes this program so popular?2. What are some of the drawbacks, as you see them, to a program like Workfare?3. One of the changes in the welfare system of the United States that occurred in 1996 was amove to block grants for states. What advantage(s) might a block grant system allow?Answers to CHAPTER 8 – Expenditure Programs for the PoorAnswers to Multiple-Choice Questions1. c2. c3. b4. d5. d6. a7. d8. b9. a10. d11. a12. a13. c14. a15. dAnswers to Discussion Questions1.Consumption 200 670 7200 Wage=$10 720 Hours2. a) If Jackie works 10 hours at $10 per hour, she will have earned $100 fromworking. She gets to earn $90 before her benefits are reduced. She earned $10over that limit, so her benefits will be reduced to 577 – (0.57 * 10) = 571.3. Shewill have received in total $671.3.b) She would need to work 110.228 hours before benefits are completely eliminated.3. a) Setting supply equal to demand gives that Q* = 82 and P* = 166. Therefore,consumer surplus is (1/2)(164)(82) = 6,724.b) Setting the new supply curve equal to the original demand curve gives Q* = 82.5with P* = 165. Now consumer surplus is (1/2)(165)(82.5) = 6,806.25.4. Under the price ceiling scheme, consumer surplus is now found by 80(62.5) +(1/2)(125(62.5) = 8,906.25. The drawback is that there is a shortage now, as Q* supplied is only 62.5 instead of 82.5. Cash benefits decline by $0.67 per dollar earned after she earns $4. Benefits decline$.067 * $4 = $2.68 per hour worked after her first hour. Given that it would take 5.4776 hours, then her cash benefits will be eliminated.Answers to True/False/Uncertain Questions1. T2. U3. F4. U5. T6. T7. T8. F9. T10. TAnswers to Essay Questions1. Unlike other programs, participants in EITC are working and contributing to society.The skills and contacts made through working helps in the efforts to keep these people from slipping further into poverty.2. Workfare requires a good deal of monitoring to ensure that participants are gaining skills.In addition, there have to be jobs available, which may not be the case. Some participants do not have the necessary education required for certain jobs and first need to concentrate on increasing their human capital regarding education.3. Since participants in different states face varying needs to help them escape poverty, anational program may be too restricting, and local control can design a program more suitable to their constituents.。
罗森财政学第七版（英文版）配套习题及答案Chap005
罗森财政学第七版（英⽂版）配套习题及答案Chap005 CHAPTER 5 - ExternalitiesMultiple-Choice Questions1. Reducing output from the privately optimal level to the socially optimal level willa) cause a loss of consumption to consumers.b) reduce marginal damages.c) reduce the production costs.d) cause all of the above.2. Marginal damages are hard to measure becausea) they can be generated from multiple sources.b) they are hard to graph.c) they happen over time.d) no one cares about them.3. In Figure 5.4, if the marginal damages line did not originate at 0,a) it would mean that marginal damages did not exist.b) there is no way to find MSC.c) MSC would not originate at the same intercept as MPC.d) then all of the above.4. Externalities can be positive becausea) marginal damages do not last over time.b) utility can be impacted positively as well as negatively.c) there is no concept for marginal benefit.d) positive externalities are subsidies.5. Refer to the graphs below. Which graph(s) represent(s) an externality?a) graph Ab) graphs A and Bc) graph Bd) neither graph A nor graph BA B6. Refer to Figure 5.7 in the textbook. What does it mean if all firms have to reduce to a point2*)*(XZa) Firm X will reduce more than optimal.b) Firm Z will reduce less than optimal.c) The new point is between X* and Z*.d) All of the above.7. The Coase theorem has problems becausea) generally, bargaining costs are not zero.b) individuals are not concerned with others.c) markets always exist.d) all of the above.8. Pollution rights may be traded ifa) polluters try to hide pollution.b) administrators are uncertain about Pigouvian taxes.c) there is no market for pollution.d) pollution is harmless.9. Externalities can be produced by ____________, as well as ____________.a) individuals; firmsb) market prices; market incomesc) oceans; streamsd) none of the above10. A Pigouvian tax corrects fora) market congestion.b) market losses.c) inefficient sales.d) low market prices.11. Which of the following is correct?a) SMC = PMC - MDb) MPB = MSB + MEBc) SMC = PMC + MDd) MSC = MPBe) MSB =MSC + MPB12. Marginal benefits are downward sloping whena) there are no total benefits.b) the slope of the marginal benefits curve is negative.c) total benefits are increasing at a decreasing rate.d) marginal costs are upward sloping.13. A Pigouvian subsidya) can not exist with externalities.b) is the same thing as a Pigouvian tax.c) is measured in terms of Pigouvian dollars.d) moves production to the socially optimal level of output.14. As a general rule, zero pollution is not socially desirable becausea) there would be no production.b) the Environmental Protection Agency (EPA) needs to have something to do.c) no pollution would lead to global warming.d) all of the above.15. Externalities require government intervention whena) violence will result between disputing parties.b) there are only a few sellers in the market.c) property rights are not clearly established.d) the government imposes sales taxes.e) all of the above.16. Which method helps in obtaining the socially optimal level of output?a) Pigouvian taxesb) regulationc) property rights and bargainingd) all of the above17. Marginal damagesa) must always be considered in social marginal costs.b) must not be considered in social marginal costs.c) must sometimes be considered in social marginal costs.d) have nothing to do with social marginal costs.Discussion Questions1. Suppose the factory Afro-Puffs Inc. produces wigs. As a by-product of this wigproduction, they also produce dangerous emissions of toxic gases (as a result of the strong glue used to hold the hair in place). The De-Lite car factory, down the road, experiences a negative externality from this production process. Suppose that the supply curve (private marginal costs) for the wig factory is X=(2/5)P- 2, and it faces a market demand of X d=15 - P/2. The marginal damages caused by the production of wigs can be written as X=P – 1/2.a. Find the equilibrium price and quantity in the market for wigs.b. Find the socially optimal level of wigs and the corresponding price.c. How much should the wig factory be taxed per wig?2. A steel factory has the right to discharge waste into a river. The waste reduces thenumber of fish, causing damage for swimmers. Let X denote the quantity of waste dumped. The marginal damage, denoted MD, is given by the equation MD = 2 + 5X.The marginal benefit (MB) of dumping waste is given by the equation MB = 34 – 3X.a. Calculate the efficient quantity of waste.b. What is the efficient fee, in dollars per unit of waste, that would cause the firm todump only an efficient quantity of waste?c. What would be the quantity dumped if the firm did not care about the fishery?3. The private marginal benefit for commodity X is given by 15 – X, where X is the numberof units consumed. The private marginal cost of producing X is constant at 10. In the absence of any government intervention, how much X is produced? What is the gain to society involved in moving from the inefficient to the efficient level of production?4. Consider the case of two farmers, Tony and Hakim, depicted in the figure below. Bothuse DDT (a chemical pesticide) for their crops. The use of DDT causes an externality for swimmers down river from the farms.a. Show the amount of pesticides used if each uses the privately optimal level ofpesticides.b. Show the amount of pesticides used if they are socially concerned.c. Why is a reduction back to X H = H T not socially desired?5. Redo discussion question 10, part a, from Chapter 5 in your book. Suppose emissions arelimited to 25 units per year instead of 50. How does your answer change?True/False/Uncertain Questions1. Externalities always work themselves out.2. Negative externalities cause loss of welfare not transmitted by market factors.3. Externalities can be positive, as well as negative.4. A subsidy for pollution not produced can induce producers to pollute at the efficient level.5. Pollution rights can be traded and are always efficient.6. Regulation helps to correct for externalities.7. Any commodity market has the potential to have an externality.8. Market-oriented solutions to externalities rarely work.9. For market efficiency, MSC must be equated to MSB.10. College education is an example of a positive externality.T H X X SMC(PMC+MB)PMCMB HMB/MCPesticidesMB TEssay Questions1. How do social conventions help in alleviating externalities without government intervention?2. How do you feel the U.S. has fared in its attempt to impose market forces to correct externalities?3. List and discuss three problems that might arise when using the Coase theorem.。
(财政学罗森第九版英文课件)Chap022Public Finance in a Federal System
22-8
Advantages of a Decentralized System
• Tailoring outputs to local taxes • Fostering intergovernmental competition • Experimentation and information in locally
Incidence and Efficiency Effects – The Traditional View - Tax on Land
SL
– Combine communities under a single regional government – Pigouvian taxes and subsidies
• Division of responsibility in public good provision • Distributional goals and mobility
public services and taxes – There are enough different communities so that each individual can
find one with public services meeting her demands – The cost per unit of public services is constant so that if the quantity of
22-2
Distribution of All U.S. Expenditures by Government Level
22-3
Community Formation
《财政导论》PPT课件
2011年全国公共财政收入情况
❖ 1-12月累计，全国财政收入103740亿元，比 上年增加20639亿元，增长24.8%。其中，中 央本级收入51306亿元，比上年增加8818亿元， 增长20.8%；地方本级收入52434亿元，比上 年增加11821亿元，增长29.1%。财政收入中 的税收收入89720亿元，增长22.6%；非税收 入14020亿元，增长41.7%。
中国 孟加拉国 印度尼西亚 伊朗 以色列 日本 韩国 新加坡 加拿大 墨西哥 美国 阿根廷 荷兰 波兰 澳大利亚 新西兰
China Bangladesh Indonesia Iran Israel Japan Korea,Rep. Singapore Canada Mexico United States Argentina Netherlands Poland Australia New Zealand
行结果被认为不令人满意的方面称为市场缺陷。市 场缺陷分为两类。第一类市场缺陷是指现实市场中 不符合完全竞争假定条件的方面。第二类市场缺陷 是指完全竞争市场运行结果本身的缺陷，即它所产 生的资源配置或收入分配状态是不理想的。 完全竞争市场的定义:交换和竞争没有任何阻力和干扰 的理想化市场
第一类市场失灵
2. 政府组织体系
❖ 中央政府与地方政府 ❖ 财政对国民经济的划分 ❖ “公”与“私” ❖ 公共部门：政府、公共企业部门 ❖ 私人部门：个人，家庭，私人企业
公共部门
❖ 公共部门界定为“一个社会中属于政府所有，并贯 彻执行政府方针政策的经济实体（机关、事业和企 业单位）的总和”。公共部门的共同点在于：（1） 所有这些单位都具有公办的性质；（2）这些单位 的活动或多或少受到政府的直接控制，并在不同程 度上执行政府的方针政策。
布兰查德宏观经济学第七版第7版英文版chapter (9)
Macroeconomics, 7e (Blanchard)Chapter 9: From the Short to the Medium Run: The IS-LM-PC Model9.1 The IS-LM-PC Model1) The Phillips curve shows that when the unemployment rate is lower than the natural rate,A) inflation is higher than expected.B) inflation is lower than expected.C) policy rate is higher than expected.D) policy rate is lower than expected.Answer: ADiff: 22) The Phillips curve shows that when the unemployment rate is higher than the natural rate,A) inflation is higher than expected.B) inflation is lower than expected.C) policy rate is higher than expected.D) policy rate is lower than expected.Answer: BDiff: 23) Okun's law shows that when the unemployment rate is above the natural rate,A) inflation is higher than expected.B) inflation is lower than expected.C) output is below potential.D) output is above potential.Answer: CDiff: 24) Okun's law shows that when the unemployment rate is below the natural rate,A) inflation is higher than expected.B) inflation is lower than expected.C) output is below potential.D) output is above potential.Answer: DDiff: 25) Disposable income equalsA) income minus saving.B) income minus both saving and taxes.C) consumption minus taxes.D) the sum of consumption and saving.E) none of the aboveAnswer: DDiff: 16) In the IS-LM-PC model, which of the following is assumed to be exogenous?A) GB) CC) ID) YAnswer: ADiff: 27) In the IS-LM-PC model, investment does not depend onA) T.B) Y.C) r.D) x.Answer: ADiff: 28) In the IS-LM-PC model, LM curve isA) flat.B) upward sloping.C) downward sloping.D) vertical.Answer: ADiff: 29) The change in the unemployment rate is approximately equal toA) the negative of the growth rate of output.B) the negative policy rate.C) the negative inflation rate.D) the negative of the growth rate of money supply.Answer: ADiff: 210) Empirically output growth 1% above normal for one year leads to a ________ in the employment rate.A) 0.6%B) 0.7%C) 0.8%D) 0.5%Answer: ADiff: 29.2 Dynamics and the Medium Run Equilibrium1) The natural rate of interest is notA) zero.B) the neutral rate of interest.C) Wicksellian rate of interest.D) associated with the natural rate of unemployment.Answer: ADiff: 22) If the output is too high, to achieve the medium run equilibrium, the central bank willA) increases policy rate.B) reduces policy rate.C) increase money supply.D) increases inflation rate.Answer: ADiff: 23) If the output is too low, to achieve the medium run equilibrium, the central bank willA) increases policy rate.B) reduces policy rate.C) increase money supply.D) increases inflation rate.Answer: BDiff: 24) The zero lower bound refers to the situation thatA) the lowest the central bank can decrease the nominal policy rate is 0%.B) real interest rate is 0%.C) inflation rate is 0%.D) risk premium is 0%.Answer: ADiff: 25) When the policy rate increases,A) IS curve does not change.B) IS curve shifts to the right.C) IS curve shifts to the left.D) LM curve shifts upward.E) LM curve shifts downward.Answer: ADiff: 26) When the policy rate decreases,A) IS curve does not change.B) IS curve shifts to the right.C) IS curve shifts to the left.D) LM curve shifts upward.E) LM curve shifts downward.Answer: ADiff: 29.3 Fiscal Consolidation Revisited1) When a government reduces its deficits by increasing taxes, in the medium run,A) output returns to potential.B) output increases.C) interest rate is higher.D) IS curve shifts inward to the left.Answer: ADiff: 22) When a government reduces its deficits by increasing taxes, in the short run,A) output returns to potential.B) output increases.C) interest rate is higher.D) IS curve shifts inward to the left.Answer: ADiff: 23) As fiscal consolidation takes place, the central bank shouldA) decrease the policy rate.B) increase the policy rate.C) increase inflation rate.D) decrease money supply.Answer: ADiff: 24) Use the IS-LM-PC model to illustrate how the economy adjusts to an increase in taxes both in the short run and in the medium run.Answer: Refer to figure 9-4 of the textbook.Diff: 29.4 The Effects of an Increase in the Prie of Oil1) What is the major reason for oil price to go up in the 1970s?A) formation of the OPECB) fast of growth of emerging economiesC) new energyD) higher demand from the USAnswer: ADiff: 22) From 1970 to the mid-1990s, the relative price of crude petroleumA) steadily increased.B) steadily decreased.C) increased dramatically, then decreased dramatically.D) decreased dramatically, then increased dramatically.E) remained more or less the same.Answer: CDiff: 23) In the short run, a reduction in the price of oil will causeA) a reduction in output.B) an increase in the price level.C) a reduction in the interest rate.D) all of the aboveE) none of the aboveAnswer: CDiff: 24) What is the major reason for oil price to go up in the 2000s?A) formation of the OPECB) fast of growth of emerging economiesC) new energyD) higher demand from the USAnswer: BDiff: 25) The wage setting relation isA) downward sloping.B) upward sloping.C) vertical.D) horizontal.Answer: ADiff: 26) The price setting relation isA) horizontal.B) upward sloping.C) downward sloping.D) vertical.Answer: ADiff: 27) An increase in the price of oil will cause which of the following in the medium run?A) no change in the level of outputB) no change in the price levelC) an increase in the unemployment rateD) a reduction in the interest rateE) none of the aboveAnswer: CDiff: 28) For this question, assume that the economy is initially operating at the natural level of output. An increase in the price of oil will cause which of the following in the medium run?A) a reduction in the interest rateB) a reduction in output and an increase in the aggregate price levelC) a reduction in output and a reduction in the interest rateD) a reduction in unemployment, an increase in the nominal wage and an increase in the aggregate price levelE) a reduction in the aggregate price level and no change in outputAnswer: BDiff: 29) For this question, assume that the economy is initially operating at the natural level of output.A reduction in consumer confidence will causeA) an increase in the real wage in the medium run.B) a reduction in the real wage in the medium run.C) no change in the real wage in the medium run.D) ambiguous effects on the real wage in the medium run.Answer: CDiff: 210) For this question, assume that the economy is initially operating at the natural level of output.A reduction in taxes will causeA) an increase in the real wage in the medium run.B) a reduction in the real wage in the medium run.C) no change in the nominal wage in the medium run.D) ambiguous effects on the real wage in the medium run.E) none of the aboveAnswer: EDiff: 211) For this question, assume that the economy is initially operating at the natural level of output. An increase in unemployment benefits will causeA) an increase in the real wage in the medium run.B) a reduction in the real wage in the medium run.C) no change in the real wage in the medium run.D) ambiguous effects on the real wage in the medium run.Answer: CDiff: 212) For this question, assume that the economy is initially operating at the natural level of output.A monetary expansion will causeA) no change in the real wage in the medium run.B) an increase in investment in the medium run.C) a reduction in the interest rate in the medium run.D) no change in the nominal wage in the medium run.Answer: ADiff: 213) In the short run, an increase in the price of oil will causeA) an increase in output.B) a reduction in the price level.C) an increase in the interest rate.D) all of the aboveE) none of the aboveAnswer: CDiff: 214) For this question, assume that the economy is initially operating at the natural level of output. An increase in consumer confidence will causeA) a reduction in the real wage in the medium run.B) an increase in the real wage in the medium run.C) no change in the real wage in the medium run.D) ambiguous effects on the real wage in the medium run.Answer: CDiff: 29.5 Conclusions1) There are no questions in this section. Diff: 2。
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CHAPTER 9 – Social Insurance I:Social Security and Unemployment InsuranceMultiple-Choice Questions1. A pay-as-you-go system meansa) you pay for your dinner as you go to the table to eat.b) current working citizens pay for current retired citizens.c) there is no need for taxes since current workers pay for current retirees.d) retirees are paid from accounts that have accumulated with interest over theirworking lives.e) all of the above.2. Asymmetric information generally impliesa) information between parties is not equal.b) all parties are fully informed.c) information is costless.d) information is too costly to transmit.e) a and c.3. A fully funded plan requiresa) you to pay for your dinner as you go to the table to eat.b) current working citizens to pay for current retired citizens.c) no taxes since current workers pay for current retirees.d) retirees to be paid from accounts that have accumulated with interest over theirworking lives.e) all of the above.4. An actuarially fair return meansa) returns on investments are indexed to the stock market.b) returns on investments have to be positive.c) benefits received, on average, would be equal to the premiums paid.d) premiums for insurance are generally paid by the government.e) none of the above.5. When workers save less during their working lives due to the fact that they have beenpaying Social Security taxes, this is known asa) the Social Security effect.b) the wealth substitution effect.c) the bequest effect.d) the life cycle hypothesis.6. The Social Security earnings testa) applies only to workers between 65 and 69 years of age.b) was redesigned in the 1980s to include foreign workers.c) has a tax rate of no more than 16.9 percent.d) does all of the above.7. Social Security pension benefits area) subject to income taxes for those with certain income levels.b) nontaxable for all retirees.c) subject to state, but not federal, income taxes.d) subject to capital gains taxes.e) all of the above.8. The Social Security Administration has which program(s) to administer?a) disability paymentsb) health benefitsc) pensionsd) survivors' benefitse) all of the above9. The percentage of unemployed Americans that actually collects unemployment insurancebenefits isa) 9 percent.b) 18 percent.c) 25 percent.d) 33 percent.10. An earnings test as it relates to Social Security impliesa) benefits are reduced by some predetermined amount for those who have notreached normal retirement age.b) the amount of money earned during the working life of an individual determinesthe amount of benefits received.c) family earnings determine the amount of benefits received.d) all of the above.11. Social security taxes are projected to fall short of benefits starting ina) 2005.b) 2010.c) 2016.d) 2020.e) 2030.12. Social insurance can be justified on the grounds ofa) adverse selection.b) decision-making costs.c) income distribution.d) paternalism.e) all of the above.13. The retirement effect isa) when people retire later than they normally would have due to Social Security.b) when people decide not to retire at all because of problems with Social Security.c) when people retire earlier than they normally would have due to Social Security.d) when people save less for their retirement due to Social Security.e) none of the above.14. The gross replacement rate isa) the proportion of pretax earnings replaced by unemployment insurance.b) a rate of employment in key sectors of the economy.c) the percentage of each paycheck that is removed for unemployment insurance.d) the rate that tax receipts are used to cover tax expenditures.e) none of the above.15. A current worker may save more towards retirement so that he or she will have more toleave his or her children later. This altruistic motive is known as thea) altruism effect.b) bequest effect.c) income effect.d) savings effect.Discussion Questions1. Suppose in the market for labor that the labor supply curve is perfectly inelastic. Thiswould mean that the supply curve is vertical. Furthermore, suppose that demand is normal and downward sloping. Your textbook has explained that unemployment taxes are paid entirely by the employer (demanders). Who actually pays the tax in the scenario described above?2. Suppose that a fresh college grad gets a new job initially paying $20,000 a year. Theemployee gets a 3 percent raise annually. After 5 years of working, the employee quits and never works again. How much will this worker have earned over her brief working career? How much will she have paid in Social Security and Medicare taxes if the tax rate is 7.45 percent?3. Suppose that the ratio of retirees to working citizens is currently 1 to 5, meaning thatthere are 5 working people for every retiree. Suppose that in thirty years the ratio will change to 1 to 2. If benefits remain the same, what will happen to the tax rate assuming retirees are provided benefits in a pay-as-you-go system? How much would benefits decrease if the tax rate remained the same?4. A worker within the middle-income class is preparing to retire. In the year before heretired, his gross monthly earnings are $2,000. His Social Security benefits will be $1,200 per month. Before he retired, his income was subject to a tax of 25 percent. Find his before-tax and after-tax replacement rates.True/False/Uncertain Questions1. Having unemployment insurance available makes people work less.2. The percentage of retired older workers has decreased dramatically since the introductionof Social Security.3. Social Security benefits have played an important role in the improved economic statusof the elderly over time.4. Unemployment taxes are collected from both employees and employers.5. A pay-as-you-go system of financing Social Security is not as good as a fully fundedsystem.6. A worker can begin receiving benefits as early as age 62.7. Social Security is used to redistribute income.8. Average indexed monthly earnings are derived from the worker’s earnings history anddetermine the primary insurance amount (PIA).9. Having a Social Security program makes people less inclined to save for their ownretirement.10. The gross replacement rate is typically 95% of pretax earnings.Essay Questions1. Work disincentives in the system of Social Security have seen the number of persons inthe program increase dramatically. What incentives could be put in place to reverse, or at least slow, this trend?2. Why should firms in industries with higher levels of turnover be required to pay more inunemployment insurance payments?3. Do you feel that when you retire there will still be Social Security? If so, do you feel thatbenefits will be at present levels or tax rates will have increased? Finally, has this discussion changed your plans regarding your own personal savings for your retirement?Answers to CHAPTER 9 - Social Insurance I:Social Security and Unemployment InsuranceAnswers to Multiple-Choice Questions1. b2. a3. d4. c5. b6. a7. a8. e9. d10. a11. c12. e13. c14. a15. bAnswers to Discussion Questions1. The suppliers of labor (employees) would be totally responsible for the paying the tax,despite the fact that the tax was levied on employers.2. The worker will have earned a total of approximately $106,182. She will have paidapproximately $7,910.59 in taxes.3. Initially, a worker paid for 20 percent of a retiree’s benefits. In the future, the sameworker would be responsible for paying for half of a current retiree’s benefits. If benefits remained the same, then each worker’s tax burden would increase by approximately30 percent of the cost of benefits. If tax rates remained the same, then benefits wouldneed to fall by approximately 60 percent.4. His before-tax replacement rate would be 1,200/2,000 = 0.6. His after-tax replacementrate would be 1,200/1,500 = 0.8.Answers to True/False/Uncertain Questions1. U2. F3. T4. F5. U6. T7. T8. T9. U10. FAnswers to Essay Questions1. Increasing the retirement age would see fewer people in the program. Other solutionsinclude removing the survivor’s benefits and introducing a more stringent wealth threshold that says that those persons with a certain wealth are not allowed to receive benefits.2. The employees in these industries are more likely to need unemployment benefits in thefuture.3. This is a personal question but, as recently as August 2004, the current chairman of theFederal Reserve, Alan Greenspan, has warned that benefits will need to be reduced for future recipients or that there will need to be increases in taxes. Many working adults today are changing their saving patterns because of this outlook.。