29 Jul FINAL EXAM PUBLIC FINANCE PLEASE PROVIDE REFERENCE
Final Exam
Public Finance please provide reference(s) used at the end
of this exam.
Part I: Short Answer
Please write a paragraph in response to each of the
following four questions.
1) Please write one paragraph for each of the following:
a) Discuss the three different types of taxations: a
Regressive Tax; a Proportional Tax and a Progressive Tax discussion the burden
of each tax on the taxpayer.
b) Discuss the Marginal Tax Rate and Average Tax Rate and
relationship these each have to the total tax bill or burden incurred by a
taxpayer.
c) Explain the difference between a Franchise Fee and an
Impact Fee discussing one advantage of each policy mechanism.
d) Provide a discussion of the two issues, Adverse Selection
and Moral Hazard, and how these two behaviors raise the cost within a health
care system.
Part II: Essays
Please compose three full paragraphs (one page single
spaced) with any graphical or technical analysis as appropriate for each
question.
2) In reforming the Social Security system in order to
preserve its ability to fund benefits into the foreseeable future, evaluate
each of the following proposed policy reforms to Social Security in terms of
the following: intergenerational equity, cost, risk and freedom of choice.
a) Raising the age for eligibility for retirement benefits.
b) Investing the trust fund partially in equities.
c) Adjusting the cost-of-living adjustment.
3) The payroll tax in the United States is legally shared
between the employee and the employer with each paying 7.65 percent of
wages. Using the supply and demand
framework (graphical analysis), analyze the tax incidence and excess tax burden
of this tax under the following scenarios:
a) Labor supply is perfectly elastic.
b) Both labor supply and labor demand are highly elastic.
c) Labor supply is relatively inelastic and labor demand is
relatively elastic.
d) Labor supply is relatively elastic and labor demand is
relatively inelastic.
4) Suppose the legislature was considering an increase in
the tax on cigarettes of 50 cents per pack.
Assume the current price of a pack of cigarettes of $4.00, and sales in
your state are five million packs per year.
The estimated short-run elasticity of demand for cigarettes at the current
price and quantity is 0.4. The long-run
elasticity of demand (one year or longer) is 0.75.
a) Calculate and explain how much additional revenue the
government can expect to receive in the first year (assuming no growth in the
number of people smoking)? How much will
smoking be reduced by?
b) Calculate and explain how much additional revenue the
government can expect to receive in the second year (assuming no growth in the
number of people smoking)? How much will
smoking be reduced by?
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