INSTRUCTIONS: Read the detailed description of this assignment as posted in our classroom. Then, answer the following ten questions to help the governor prepare for an economic conference. Post your answers in the ten blank cells shown below. Your individual responses should be 105 words or less; your ten responses in this table should sum to a total of 1,050 words or less.
Why is the equilibrium of supply and demand desirable?
How are consumer surplus and producer surplus related to the efficiency of markets?
How are consumer surplus and producer surplus related the costs of taxation?
How are consumer surplus and producer surplus related to the benefits of international trade?
Why might externalities prevent market equilibrium?
How can government policies be used to remedy the market inefficiencies caused by negative externalities?
How can government policies be used to remedy the market inefficiencies caused by positive externalities?
Discuss a real-world example of an externality that affects you and how a government policy could (or does) remedy the inefficiencies caused by that externality.
Hint: A “real-world” example would refer to actual people, workplaces, events, etc.
What is the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers?
Hint: See Mankiw’s discussion of the benefits principle in Chapter 12 of the course textbook.
Analyze the efficiency and equity of one real-world example of a state or local tax where you reside such as, but not limited, to: (1) state or local income taxes, (2) state or local sales taxes, or (3) property taxes (county, town, school).
Hint: A “real-world” example would refer to actual people, workplaces, and/or events.
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