14. Which of the following is true of spending in politics? a. The Supreme Court has yet to address the issue of money in politics. b. The Supreme Court has restricted spending on politics. c. The Supreme Court has opposed restrictions on spending on politics. d. The Supreme Court has ruled that corporations may spend unlimited amounts of money but unions may not.

Let's walk through the median voter theorem in a little more detail. Consider a town with three voters, Enrique, Nandini, and Torsten. The big issue in the upcoming election is how high the sales tax rate should be. As you'll learn in macroeconomics (and in real life), on average, a government that wants to do more spending has to bring in more taxes, so "higher permanent taxes" is the same as "higher government spending." Enrique wants low taxes and small government, Nandini is in the middle, and Torsten wants the biggest town government of the three. Each one is a stubborn person, and his or her favorite position-what economic theorists call the "ideal point-never changes in this problem. Their preferences can be summed up like this, with the x denoting each person's favorite tax rate: Enrique 0% N O Sales tax rate Nandini P Torsten 20% Suppose there are two politicians running for office, N and O (so ignore P for now). Enrique will vote for Choose your answer. Nandini will vote for…

For the U.S. government, which of the given is NOT an example of discretionary spending? defense spending science spending Medicaid Medicare   For the U.S. government, which of the given is NOT an example of mandatory spending? Medicare education spending Social Security interest on the national debt   Which type of spending currently takes up a larger proportion of the U.S. federal budget? Mandatory spending and discretionary spending take up an equal amount. mandatory spending discretionary spending

The study of government expenditure and tax policy and the impacts of these policies on the economy is called: a. federal deficit. b. public finance. c. public debt. d. federal choice.

Briefly explain the purpose served by payroll taxes and how they are collected. Describe any comment that economists point out with regard to payroll taxes.

- Most economists have reached the following conclusion about supply-side economics.   Supply-side tax cuts are likely to reduce income inequality.   Supply-side tax cuts are almost certain to lead to smaller budget deficits.   Supply-side tax cuts are likely to widen income inequality.   None of these.

elaborate on two primary functions of the government in the economy.

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