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ECO 450 Week 11 Final Exam Part 1

ECO 450 Week 11 Final Exam Part 1

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Author: Christine Farr
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Question 1
3 out of 3 points
A worker earns $2,000 per month before taxes. He pays $140 per month payroll tax on those wages. In addition, the income taxes on those wages are $360 per month. On retirement, the worker receives a Social Security pension of $750 per month. Which of the following statements is true?
Answer
Question 2
3 out of 3 points
The Social Security Act was implemented in the United States in:
Answer
Question 3
3 out of 3 points
The gross replacement rate:
Answer
Question 4
Social Security tax rates can be reduced if:
Answer
Question 5
The Social Security retirement system:
Answer
Question 6
The induced-retirement effect of the Social Security pension system induces workers to:
Answer
Question 7
Which of the following is true about the Medicare program in the United States?
Answer
Question 8
The percent of total health care costs in the United States paid for by governments is approximately:
Answer
Question 9
The government program that provides the health insurance to the poor in the United States is called:
Answer
Question 10
Under national health insurance as operated in Great Britain,
Answer
Question 11
Most of the medical bills of Americans in the United States are paid by:
Answer
Question 12
What is the moral hazard associated with third party payment for health services?
Answer
Question 13
A proportional income tax has an average tax rate that:
Answer
Question 14
A tax on real estate is a:
Answer
Question 15
If the average tax rate under a progressive tax rate structure is 35%, a possible marginal tax rate is:
Answer
Question 16
3 out of 3 points
A 5-percent retail sales tax on all consumer purchases in a state is imposed. The sales tax is:
Answer
Question 17
Taxes:
Answer
Question 18
Which of the following countries has the highest average tax rate relative to GDP?
Answer
Question 19
The efficiency-loss ratio relative to tax is:
Answer
Question 20
If a lump-sum tax is imposed, the slope of the new budget line relative to the budget line prior to the tax:
Answer


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