1. Total government expenditures as a percentage of GDP in the United States fro
ID: 1177219 • Letter: 1
Question
1. Total government expenditures as a percentage of GDP in the United States from 1975 until the beginning of the Great Recession:
a. grew from one-quarter to one-third.
b. fell by half.
c. grew from one-fourth to one-half.
d. remained at about one-third.
2. Which of the following accounted for the second largest percentage of total federal government expenditures in 2009?
a. Income security
b. National defense
c. Interest of the national debt
d. Education and health
3. The primary source of revenue at the federal level in 2009 was the:
a. corporate income tax.
b. personal income tax.
c. estate tax.
d. property tax.
e. sales tax.
f. social insurance tax.
Which of the above was the second main source of federal revenue?
The third source of federal revenue contributed only ______ percent.
4. During the Great Recession, government expenditures as a percentage of GDP reached a record ____ percent.
By 2009, federal taxes were ___ percent of GDP, the lowest percentage since _____ (yr.)
5. The statement %u201CHe who pays a tax should receive the benefit from the expenditure financed by the tax.%u201D reflects which of the following tax principles? a. Fairness of contribution
b. Ability to pay
c. Benefits received
d. Inexperience to collect
6. The statement %u201CIt would be an undue hardship to require persons whose yearly income is below $14, 000 to pay income taxes.%u201D reflects which of the following tax principles? a. Fairness of contribution
b. Ability to pay.
c. Benefits received
7. If a person is taxed $100 on an income of $1,000, taxed $180 on an income of $2,000, and taxed $220 on an income of $3,000, this person is paying a: a. progressive tax.
b. poll tax.
c. proportional tax.
d. regressive tax.
e. retro tax.
In other words, with this type of tax, as a person%u2019s incomes rises, the tax rate: a. decreases.
b. increases.
c. stays the same.
8. If a person is taxed $100 on an income of $1,000, taxed $200 on an income of $2,000 and taxed $300 on an income of $3,000, this person is paying a: a. progressive tax.
b. excise tax.
c. regressive tax.
d. proportional tax.
In other words, with this type of tax, as a person%u2019s income rises, the tax rate: a. decreases.
b. increases.
c. stays the same.
9. If a person is taxed $100 on an income of $1,000, taxed $220 on an income of $2,000 and taxed $390 on an income of $3,000, this person is paying a: a. progressive tax.
b. poll tax.
c. regressive tax.
d. excise tax.
e. proportional tax.
In other words, with this type of tax, as a person%u2019s income rises, the tax rate: a. decreases.
b. increases.
c. stays the same.
10. If a person is concerned that an additional $1,000 income will move her into a new tax bracket, she is worried about the:
a. proportional tax.
b. flat tax rate.
c. marginal tax rate.
11. Which of the following U.S. taxes is the most consistent with the ability-to-pay principle? a. The excise tax on gasoline.
b. The federal income tax.
c. State sales taxes.
d. The Social Security payroll tax.
12. In 2009, a person earning $200,000 a year paid Social Security taxes on ______ of his/her earnings. a. all
b. none
c. $175,000
d. $93,200
e. half
13. In 2009, a person earning $15,000 a year paid Social Security taxes on _______ of his/her earnings. a. all
b. none
c. $12,000
d. half
14. What are two current proposals for reforming the federal tax system, according to your textbook?
15. The study of the decision making process of government for allocating resources as proposed by James Buchanan and others is called the study of ______________. The basic principle of this theory is
%u201C________________________.%u201D
(Be sure to note the quotations marks.)
16. What are the five public choice theories given by the author to explain why the public sector may fail? Be sure to add a brief but complete sentence of definition or explanation for each one.
17.
By 2013, the Social Security cap, discussed in Questions 11 and 12, had increased to not paying FICA on amounts more than $113,700. In other words, a US Senator would not pay Social Security taxes on $60,300 of his or her base salary.*
What is your reaction to this information? In a well-thought and well-written paragraph of no less than 7 sentences, explain your position on whether you agree or disagree with this policy as a general rule for all working US citizens, including political representatives.
*If you%u2019re interested in recent information on congressional salaries and allowances, just Google US Senate CRSReports Brudnick for a report published on January 15, 2013.
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