Macro Learning Objectives for questions over Exam 1 Form A

 

PCM

 ECON 2301 MACROECONOMICS   

Chapter 11

Below you will find the learning objective, concept, idea, term, or theory that each question on the exam will cover. The numbers in the list refer to the question number on Exam 3 that will test your knowledge of that specific learning objective. Each of these topics/learning objectives is discussed in the textbook in the order that they are listed below.  A much better understanding can often be attained by working through the "active graphs" and "smart graphs" connected to many of these objectives in the online material.

 
    After reading Chapter 11, you should be able to:
  1. List the major sources and uses of revenue for government in the United States. (Section 11.1)
  2. Comment on the taxation terms marginal tax rate, average tax rate and tax incidence. (Section 11.1)
  3. Explain the principles of tax equity and how they apply. (Section 11.1)
  4. Interpret why the U.S. income tax is structured as it is, and why critics suggest changing it. (Section 11.1)
  5. Discuss the Social Security system and its tax incidence. (Section 11.2)
  6. Show why workers pay more Social Security tax than they see withdrawn on their pay stubs. (Section 11.2)
  7. Explain the problems with the Social Security trust fund and some of the supplemental accounts. (Section 11.2)
  8. Discuss the tax base and its influence on tax equity. (Section 11.3)
  9. Justify the use of consumption taxes, including the value added taxes of Canada and Europe. (Section 11.3)
  10. Discuss issues of market efficiency and tax equity as they relate to security costs. (Section 11.4)