Just need these answered please:
1)What is Gross Domestic Product
(GDP) designed to measure?
What types of transactions are not included as part of the GDP? FULLY EXPLAIN why are they not included?
What are the components of the Expenditures Approach to GDP? FULLY EXPLAIN why each is a component of this approach.
What are the components of the Income Approach to GDP? FULLY EXPLAIN why each is a component of this approach.
What are the other social income accounts? FULLY EXPLAIN why each is important especially: Net Domestic Product
; National Income; Personal Income and Disposable Personal Income.
What is the role of Gross
Investment (GPDI) in determining whether the economy Expands, is Static or Contracts?
FULLY EXPLAIN the term Investment as used in computing GDP. FULLY EXPLAIN the 3 factors that make up investment spending.
2) 1. Why are transfer payments by the government considered by most economists to be a lesser degree of government intervention in the economy than government purchases of goods and services?
2.What are the causes of the major increases in government spending since the end of World War II?
3.What are the 3 major revenue sources for State and Local governments?
4.What are the 3 major sources of expenditures for State and Local governments?
5.What are the 2 major tax philosophies?
6.What are the 3 classifications of taxes?
7.How are sales taxes designed to be proportional but their impact is regressive?
8.What are the 3 main sources of revenue for the US Federal government?
9.What are the 3 sources of expenditures for the US Federal government?
PLUS: Answer the following questions FULLY AND COMPLETELY:
1. Look at the relatively small amount of money that the US government gets from Corporate Income taxes. FULLY EXPLAIN why you think the government does not raise simply raise Corporate Income taxes( say double or even triple them)? If the government did this,how would this impact you economically?
2. Notice the interest that is paid each year on the national debt. What is meant by the National Debt? FULLY EXPLAIN what is meant by the government always refinancing the National Debt. How does the projected budget deficit impact the National Debt?
3. What is meant by Excise taxes? ( Give concrete examples of excise taxes). Fully Explain why states prefer to raise money using sales and excise taxes than by using the Personal Income taxes.
4. Notice the main source of revenue for local governments. Why is it so hard for local governments to raise need revenue using this tax?
5. Fully explain why local governments( and local government expenditures) have more impact on the quality of your daily lives than do that of the Federal or State governments.
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