Project #80213 - Microeconomics

 

1. Identify each of the following government programs as efforts to correct market failure, to promote or discourage the consumption of merit or demerit goods, or to transfer income.

 

  • a. Head Start, a preschool program for low-income children
  • b. Sports leagues for children sponsored by local governments
  • c. A program to limit air pollution generated by power plants
  • d. Species preservation efforts by the government

 

5. How could a program that redistributes income from rich to poor be considered a public good?

 

 

 

 

 

10.  V.I. Lenin, founder of the former Soviet Union, wrote that “the State is a machine for the oppression of one class by another.” Explain whether Lenin’s view typifies the public interest or the public choice school of public sector choice.

 

 

 

 

 

 

 

 

 

12.  The table on federal income tax rates facing various income groups suggests that the marginal tax rate in the United States has fallen since the 1993–1996 period used in the study of marginal tax rates and labor supply discussed in the Case in Point essay. What would your prediction be as to how this reduction in the marginal tax rate would affect the quantity of labor supplied in the United States?

 

 

 

 

 

 

 

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Due By (Pacific Time) 4:59PM
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