ECO 450 Week 11 Final Exam Part 1
Question 13 out of 3 pointsA 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?AnswerQuestion 23 out of 3 pointsThe Social Security Act was implemented in the United States in:AnswerQuestion 33 out of 3 pointsThe gross replacement rate:AnswerQuestion 4Social Security tax rates can be reduced if:AnswerQuestion 5The Social Security retirement system:AnswerQuestion 6The induced-retirement effect of the Social Security pension system induces workers to:AnswerQuestion 7Which of the following is true about the Medicare program in the United States?AnswerQuestion 8The percent of total health care costs in the United States paid for by governments is approximately:AnswerQuestion 9The government program that provides the health insurance to the poor in the United States is called:AnswerQuestion 10Under national health insurance as operated in Great Britain,AnswerQuestion 11Most of the medical bills of Americans in the United States are paid by:AnswerQuestion 12What is the moral hazard associated with third party payment for health services?AnswerQuestion 13A proportional income tax has an average tax rate that:AnswerQuestion 14A tax on real estate is a:AnswerQuestion 15If the average tax rate under a progressive tax rate structure is 35%, a possible marginal tax rate is:AnswerQuestion 163 out of 3 pointsA 5-percent retail sales tax on all consumer purchases in a state is imposed. The sales tax is:AnswerQuestion 17Taxes:AnswerQuestion 18Which of the following countries has the highest average tax rate relative to GDP?AnswerQuestion 19The efficiency-loss ratio relative to tax is:AnswerQuestion 20If a lump-sum tax is imposed,...