Chpt 14 questons.-+

Happy day after May Day.   Why did Communists celebrate May Day?

Chapter 14 (1)  What are taxes?
1.Look at the three types of tax sturctiures on page 360.  Identify the three types and and summarize their differences.
2. Which type of tax structure is identified on page 361.  Do you think this is fair?  Explain why.
3. Look at the cartoon on page 362.  Why are taxes necessary?
4. Look at the chart 14.3 on page 363.  What is the point of the chart?  Who do you think pays more taxes (incidence of tax) on an elastic demand : consumers or producers?  What about demand that is inelasitic:  consumers or producers?
Answer questions 3, 4, and 6 on page 363.

14(2) Federal taxes
1. Look at the Federal Income Tax Rates, 2003 (367).  Are these tax rates proportional or progressive?
2. Look at global connections (368)  What is a value added tax?  Would you recommend one for the US?  Why or why not?
3. What is a the point of the picture on 369? What is an incentive?
Answer questions #1-4 on page 369.

Read the profile on Henry J. Aaron. (370) 
What is an entitlement?  Why does Aaron have major concerns about  Social Security? 

Due Thursday:
14(3) Federal Spending
1. What is the point of the cartoon on page 374?
Answer questions 1-4 on page 374.

14(4) State and local taxes and spending
1. Why is the picture on page 375 in this section?
2. Look at the chart on page 376, What are three of the largest sources of state revenues in 2001, what are three of the largest state expenditures?
3. Look at picture on 377.  Should snow plowing be part of  a states operating or capital budget?
4.  Look at the fast fact on page 378.  Why do you think sales tax free NH has such high property tax rates?
Answer questions #1-4 on page 380.

Read real life case study (381)
How many tax cuts did President Bush pass?  Who do you think benefitted the most from these tax cuts?  Explain

Chapter 16 questions

Chapter 16:  The Federal Reserve and Monetary Policy
Please read the sections before you answer the questions assigned.

16(1)
1. Figure 16.1 (416), What percentage of bans are in the federal reserve system, and what percentage of bank deposits do they control?
2. Figure 16:2 (417) Identify the 12 Federal Reserve Bank cities.
3. What is the point of the fast fact (417)?
4. Answer questions 1-5  (odd/even) page 418

16(2)
1. Whose statue  do you think is on the north side of the Dept. of Treasury( 420)?
2. Figure 16.3 (421) What role does the Fed have in cashing checks?
3. Figure 16.4 (423) What happens to the money demand when interest rates increase?
4. Answer questions 1-6 (423) odd/even.

Read the biography of Alan Greenspan (424) bullet three facts about his life. Answer question 2. 

16(3) 
1. Figure 16.5 (426)  How do banks create money? 
2. Figure 16.6  (427) What is the reserve ratio requirement?How can the Fed expand the money supply using this tool?
3. Figure 16.7  (428) What is the discount rate?  How can the Fed expand the money supply using this tool?
4. Figure 16.8 (428) What are open market operations?  How can the Fed expand the money supply using this tool?
5. Answer questions 1-8 (odd/even) page 429.

16(4)
1. Figure 16.10 (432) What are the effects of proper and improper timing of fed monetary
policies?
2. Answer questions 1-6 (odd/even) on page 434.

Week of March 14, 2016

Happy Pie Day.  Happy St. Patrick's Day on Thursday.

Tommow beware the the Ides of March?  Why?

13(1) Unemployment
Answer  Global connections question on page 335.
Questions 1-6 (odd/even) page 336

13(2) Inflation
What is a wage price spiral (page 342)?
Questions 1-6 (odd/even) page 343.

Read Oprah Winfrey (344)Answer questions 1+2 (odd/even)

13(3) Poverty
Look at poverty rates by group ( 346) What race and gender  has the highest and lowest rates of poverty.
What does the Lorenz curve (348) show?
Questions 1-8 (350) odd/even
Questions 1+2 on page 351.

Week of March 6, 2016

Not everyone turned in the practice quiz
We will continue our reports on Rethinking America and have a quiz on Chapter 7 on Thursday.

Due next Monday (3/14)

Chapter 12: Gross Domestic Product and Growth

12 (1) p. 301  identify each of the key terms in 7 words or less for each term.

Look at the chart on page 302.  How does expenditure approach differ from income approach?

List 3 facts about the underground economy (p. 305)

Answer questions #1-7 on page 308  (odd/even)

12(2) p. 310   Identify the key terms in 7 words or less for each term.

What does the graph on page 312 show

What does the Global connection on page 314 show the relationship between?

What does the green flag on page 316 show?

Answer questions 1-5 on page 316 (odd/even)

Answer questions #1+2 on page  317

12(3)  Identify the key terms on page 318 in 7 words or less for each term.

How is capital deepening shown on the chart on page 322?

How does the fast fact on page 323 explain how innovations impact business efficiency?

Answer questions # 1-5 on page 324. (odd/even)

Answer questions 1+ 2 on page 325.

Chapter 3 homework

Vocabulary for Chapter 3

3(1)
profit motive
open opportunity
legal equality
private property rights
free contract
competition
interest group
public disclosure laws
public interest

3(2)
macroeconomics
microeconomics
GDP
business cycle
work ethic
technology

3(3)
public sector
private sector
free rider
market failure
externality

3(4)
poverty threshold
welfare
AFDC
cash transfers
in kind benefits

Economics classroom expectations

Classroom expectations

Grading Policy:
Homework 15%
Class work 25%
Exams/presentations  60%


Bring a good attitude, a binder, and something to write with in class every day.

I will be available for extra help almost every day, especially if you let me know you are coming.
My extra help day is Thursday at the Freshman homework club.

Economics Course outline

Economic Concepts
  Scarcity
  opportunity costs
  production possibilites curve
  role of saftety nets
  3 economic questions
Traditional, Command, Market Economies

Microeconomics
Supply and Demand
Elasticity
Market Equilibrium and the role of prices
Perfect Competition
Monopoly vs. Monopolistic Competition
Regulation and deregulation

Labor  and business
Sole Proprietorships
Partnerships,
Corporations
 

Macroeconomics
Fiscal Policy
Monetary Policy