ECO 561 Week 1 Questions
WK1 DQ1 – Economics and Tax Policy Decisions
• Topic 1. 1.1
Economics and Tax Policy Decisions
How does economics play a vital role in shaping public discussion in the following policy areas:
• Household taxation
• Business taxation
• Import taxation (tariffs)
WK1 DQ2 – Economics and Social Welfare Policy Decisions
Topic 2
Economics and Social Welfare Policy Decisions
How does economics play a vital role in shaping public discussion in the following policy areas:
• Government support for Health Insurance
• Government welfare programs
• Government employment assistance (unemployment insurance, retraining, apprenticeships, relocation)
• Social Security and Medicare
WK1 DQ3 – Economics and International Trade Policies
Topic 3. Economics and International Trade Policies
How does economics play a vital role in public discussion of international trade:
• Negotiating international trade agreements
• Ensuring trade agreement participants conform to the rules of such agreements
• The benefits and costs of international trade
WK1 DQ4 – Trump Administration Change Proposals
Topic 4.
Trump Administration Change Proposals
Discuss some economists’ assessments of the Trump Administration’s recent or proposed changes to:
• International Trade Agreements
• National Health insurance coverage
• Federal Income Taxes
• Immigration
Topic 5
Economics, Ch. 1: Limits, Alternatives, and Choices
What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain. LO1.1
Topic 6
Economics, Ch. 2: The Market System and Circular Flow
How does self-interest help achieve society’s economic goals? Why is there such a wide variety of desired goods and services in a market system? In what way are entrepreneurs and businesses at the helm of the economy but commanded by consumers? LO2.2
