Assignment Due Tues. 12/12

Read ch. 9 p 152-156
Bea able to calculate C, S, APC and APS
Define MPC and MPS
Be able to calculate MPC and MPS
Contrast Average Propensities and Marginal Propensities


On your "Keynesian Chart" from class, complete the C, S, APC, and APS columns

Tax and Spend Review Sheet

Use the following questions as a guide when studying for Wednesday's test"

 Taxation

 

1.  What is tax revenue and why is collecting it necessary to a functioning society?

  

1. Consider the benefit principle of taxation:
    

1. Define the benefit principle of taxation.  On what are such taxes based?
    

1. What is an example of a tax that is based on the benefit principle?
    

1. What are two drawbacks of taxes based on this principle?
     

1. Consider the ability to pay principle of taxation:
    

1. Define the ability to pay principle of taxation.  On what are such taxes based?
    
2.  What is an example of a tax that is based on the benefit principle?

 

1. What are two drawbacks of taxes based on this principle.
    

1. What is a progressive tax?  Give an example of a progressive tax and explain how one’s tax rate is determined.
     

1. What is a proportional tax?  Give an example of a proportional tax and explain how one’s tax rate is determined.
     
   6        What is a regressive tax?  Give an example of a regressive tax and explain how one’s tax rate is determined.
    

1. Most states do not place sales taxes on groceries.  Explain, using specific tax vocabulary, why this is often the case.
     

1. What is a budget?  Why is it important for government (and individuals) to create them?
     

1. What does it mean if a federal program is considered part of “mandatory spending”? 
     

1. What does it mean if a federal program is considered part of “discretionary spending”?
    

1. What is a budget deficit?
    
    

1. What is a budget surplus?
    

1. Explain the difference between a budget deficit and national debt?
     
         13.  Identify two arguments for each point of view on the chart below:
    

The national debt is a major problem that we must do something about immediately!	The national debt, while large, does not represent a major threat to the US economy today.
1.       2.

Helpful websites for the federal budget project

Use the three websites below to find out what is contained in each category for the federal budget.  You need to do this to determine what you wish to expand, cut, or keep the same.  You will also need detailed information in order to write your explanations for the changes.  Rem






https://democrats-budget.house.gov/budgets/budget-functions


https://www.cbpp.org/research/federal-budget/policy-basics-where-do-our-federal-tax-dollars-go


https://fas.org/sgp/crs/misc/R41726.pdf

Blog Discussion 11/3: Should Every American Be a Homeowner?

Read/listen to all of the links.  Explore other sources on your own.  This will be an interesting conversation if you are prepared.  Looking forward to it!


Come to class prepared with 3 OPEN ENDED questions for class discussion.  Do not post here!

The Myth of Home Ownership (NPR)
http://www.npr.org/templates/story/story.php?storyId=126076105

Buying a House if For Suckers
https://www.entrepreneur.com/article/270632


10 Financial Benefits of Home Ownership
http://www.youngadultmoney.com/2015/09/04/10-financial-benefits-of-homeownership/


Reasons to Own
https://www.thebalance.com/eight-reasons-to-buy-a-home-1798233

GDP Webquest: Complete for Monday 10/30

All work should be completed on the handout from class.  If you were absent you should print the form and complete for Monday.


http://www.sartell.k12.mn.us/sites/default/files/u197/Gross%20Domestic%20Product

Chapter Title: Measuring Domestic Output and National Income (Check table of contents for ch. #. My version is ch. 7)

Due Tuesday, 10/24


1.  Why is it important for the Bureau of Economic Analysis to compile GDP data quarterly?
2.  Explain and provide an example of each type of transaction included in GDP:
a.  Consumption
b.  Investment
c.  Government Purchases
d.  Net Exports
3.  Contrast planned investment and unplanned investment.


Get outdoors!




Due Wednesday, 10/25


1. What is double counting in terms of GDP? Why is it an important error to avoid?
2.   Explain and provide an example of each type of transaction excluded from GDP:
a.  Intermediate products
b.  Secondhand sales
c.  Transfer payments
d.  Nonmarket transactions
e.  Non-productive transactions
f.  The Underground Economy

Ch. 3 Assignment 1: Due tues 10/2

1.  Review both reasons D curve is downward sloping.
2.  Contrast normal goods and inferior goods.  Provide examples.
3.  Explain the income effect and substitution effect.
4.  Go outside!  it is a beautiful day.