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Assignment: State and Local Finance
1. A number of states have established stabilization funds that are paid into in years when the state's economy is strong and drawn from when the state's economy is in recession. This means that state taxes are greater than spending in good economic years and less than spending in bad years. How can these contingency funds stabilize a state's economy?
2. Consider the process of earmarking. Explain what it is. Explain how it can lead to inefficient levels of expenditures by the state or local governments. Explain how it can lead to more efficient levels of expenditures by the state or local governments. Use examples for each.
3. Many state and local governments are experiencing a pension crisis. What is the source of this crisis? Last year the stock market had a strong increase and is up again so far this year. What effect, if any, does this have on the pension crisis?
4. "If one city spends more on police protection per capita than does another, one expects less crime in the first city than the second." True, false, or uncertain? Explain your answer.
5. Explain the Baumol hypothesis about the effects of unbalanced growth. Support your answer with diagrams.
Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Questions: : Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month? Explain your choice.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Problem based on Oligopoly and demand curve, Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?
Explain the impact of external costs and external benefits on resource allocation; Why are public goods not produced in sufficient quantities by private markets? Which of the following are examples of public goods (or services)? Delete the incorrec..
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:
Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..
"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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