Budget management midterm

PROBLEM I (25 POINTS)

 

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United States economic policy does not develop in a vacuum. It is shaped and molded by the ups and down of the business cycle; the short-term and long-term economic outlook; ideological biases; the stress of the global economy that influences exports, imports, job creation, and the value of the dollar; and the policies of the Federal Reserve Board.

Because the United States economy is experiencing challenging times due to the COVID-19 pandemic, the Federal Reserve Board has utilized a full range of tools to keep the economy stable.

REQUIRED:

  1. What tools did the Federal Reserve Board take into consideration before they decided on adopting current monetary policy in response to the Covid-19 pandemic?
  2. What are the main components of monetary policy?
  3. What were the fiscal measures passed by the U.S. Congress and signed into law by President Donald J. Trump to ease the impact of the Covid-19 pandemic on the United States economy?
  4. What are the main components of fiscal policy?
  5. What steps can be taken to ensure the compatibility of fiscal and monetary policy?

Page 2

MIDTERM PUA 534

October 5, 2020

PROBLEM II. (25 POINTS)

The portion of the tax burden to be borne by different taxpaying groups can create substantial controversy, however, most people would argue for tax systems that are either proportional or progressive. What are the arguments for or against that systems that are either proportional or progressive? In your discussion, please identify taxes that are considered to be proportional or progressive?

Page 3

MIDTERM PUA 534

October 5, 2020

PROBLEM III. (25 POINTS)

To what extent do you agree with the observation that the budget cycle is a coordinating and decision-forcing mechanism?

What phase(s) of the budget cycle is replete with political considerations? Please explain your response.

Page 4

MIDTERM PUA 534

October 5, 2020

PROBLEM IV. (25 POINTS)

The availability of revenues set the tone for deciding the level of expenditures and the decision for allocating expenditures among competing priorities. Characteristics of these revenues focus on the revenue source, their fairness, ease of collection, and the like.

REQUIRED:

Distinguish between the major revenue sources used by the federal, state and local governments to fund services provided by each? Discuss each major revenue resource and their application to the political and economic issues surrounding them.

What are the equity considerations and efficiency concerns in the determination of how much money is going to be raised by taxes?

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