Explain why using the local property tax to finance a given quantity and quality of public schooling can result in low tax rates in rich jurisdictions but high tax rates in poor jurisdictions. How do state governments supplement local finance of education to insure equality of opportunity of education?

Which of the following statements is not correct? Select one: a. The economic life cycle theory explains why gifts of goods and services reduce poverty for the very young and the very old. b. Because people can borrow and save to smooth out changes in income, their standard of living in any one year depends more on lifetime income than on a particular year's income. c. The percentage of the population that suffers from long-term poverty is far smaller than the percentage of the population that suffers from short-term poverty because there is a high level of economic mobility in the United States. d. Permanent income is a better measure of a family's ability to buy the necessities of life than is transitory income.

Suppose you go to a doctor, but your health insurance plan reimburses you for only 80 percent of the bill. This is an example of: A. coinsurance.B. a deductible.C. monopsony power.D. a deferred benefit plan.

Some states exclude necessities, such as food andclothing, from their sales tax. Other states do not.Discuss the merits of this exclusion. Consider bothefficiency and equity.