Bowie State University Short Economics Worksheet

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Short Answer Questions
Question 26
What are the five fundamental reasons that government may care about the number of uninsured?
Discuss.
Question 27
What would be the redistributive implications of fully privatizing Social Security? How does this
compare with the current system?
Question 28
What are the three principles of equity applied to taxation in the text?
Question 29
Arrange the following goods from least to most elastic, explaining your ordering: gasoline, Exxon gas,
Exxon gas at a particular gas station.
Question 30
Are national forests public goods? Explain.
Question 31
Why do many economists rate the income tax high in efficiency and equity terms?
Question 32
What are some examples of the unconventional monetary policy from the Federal Reserve in
response to the 2007°09 financial crisis? Why were opponents concerned about these measures?
Question 33
What are the policies usually advocated by supply-side economists? How do they justify these
proposals?
Question 34
Who gains if inflation turns out to be higher than expected: the lender or borrower? What happens
if inflation turns out to be lower than expected?
Question 35
What is òowding-in%ffect? Explain the factors which determine the strength of the crowding in
effect.

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