Microeconomics - Microeconomics Homework Assignment#2 Due October 4 or 5 2011 1 2 3 4 5 What are the characteristics of the four economic systems Give

Microeconomics - Microeconomics Homework Assignment#2 Due...

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Microeconomics Homework Assignment #2 Due October 4 or 5, 2011 1. What are the characteristics of the four economic systems? Give examples 2. What are the three fundamental questions of Economics? 3. What were Karl Marx, John Keynes, and Adam Smith contributions to Economics? 4. What is the largest component of household spending and household income? 5. What are the largest components of expenditures and income for the federal government, and the state and local governments? 6. Trace the history of income taxes in America. 7. Define progressive, regressive, and proportional taxes.
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Unformatted text preview: 8. What are the two components of government expenditures? Give examples of each. 9. What is the difference between independent and dependent variables? 10. Define positive, negative, zero, convex and concave relationships. 11. What is the economic methodology? 12. Why has the US crime rate been falling? What are the negative and positive causes of crime? 13. What are the causes of income inequality? Who are the poor by age, race and type of family? If you had to model poverty what would be the dependent and independent variables?...
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