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1、123Acemoglu,Laibson,andList
2、MicroeconomicsChapter10TheGovernmentintheEconomy:TaxationandRegulationQuestions1.Whendoesagovernmentrunabudgetsurplus??Answer:Whenthegovernment’staxrevenuesexceeditsspendinginatimeperiod(forexample,ayear),thegovernmentissaidtoberun
3、ningabudgetsurplus.2.GovernmentspendingintheUnitedStateshasgrownovertimeandnowaccountsformorethanfortypercentofUnitedStatesnationalincome.Doesthismeanthatgovernmenthasbeenconsistentlyrunningabudgetdeficit?Answer:Abudgetdeficitariseswhenthegovernment’sspending
4、exceedsitstaxrevenues.Whilegovernmentspendinghasbeenincreasingoverthelastfewdecades,taxrevenueshavealsogrown.Thus,thegiveninformationdoesnotimplythattheUnitedStatesgovernmenthasbeenrunningadeficit.WhethertheUnitedStatesgovernmenthasbeenrunningadeficitorasurpl
5、uswilldependonhowmuchtaxrevenueitearnedcomparedtohowmuchitspentduringtheseyears.3.Howdoesthefederalgovernmentraiserevenue?Whatisthelargestsourceofrevenueforthefederalgovernment?Dostategovernmentsalsoraiserevenuefromthesamesourcesasthefederalgovernment?Answer:
6、Thegovernmentraisesrevenuesbycollectingtaxes.Thefederalgovernment’slargestsourceofrevenueistheindividualincometax.Theothermajorfederaltaxesarethepayrolltax,thecorporateincometax,andexcisetaxes.Thesourcesofrevenueforstateandlocalgovernmentsarequitedifferentfro
7、mthatofthefederalgovernment.Thelargestsourceofrevenueforstateandlocalgovernmentsaremiscellaneoustaxesandfeesthatstateandlocalgovernmentscollect.Theseincludetollsonroads,publictransportation,ticketsales,vehiclelicenses,huntingandfishinglicenses,etc.Statesrelyo
8、nthesalestax,individualincometax,andcorporatetax.Localgovernmentsrelyheavilyonthepropertytax.Stateandlocalgovernmentsalsoreceivefundsfromthefederalgovernment.4.Whatarethetoolscommonlyusedbythegovernmenttointervenethemarket?Answer:Thetoolscommonlyusedbythegove
9、rnmenttointerveneinamarketincludetaxes,directregulationsandpricecontrols.5.Howdogovernmentsusespendingandtaxationtoreduceinequalityandpovertyinaneconomy?Answer:Thegovernmentusesprogressiv
