Eco/372 Essay

Submitted By Mikefocht3

Words: 513

Pages: 3

Open Document

Week 1 DQ 2
1a). Different states have different sales tax rates and some states have no sales tax. Visit the web site of Tax Administration (www.taxadmin.org) to look up the state sales taxes. From this web site identify two neighboring states with and discuss the impact this tax difference would have on the supply and demand for goods and services in these two state. Add a graph if possible to support your answers(you can use MS Paint to draw the graphs; make sure to save them as JPEG or GIF files)
1b) What is the difference between real and nominal GDP? Does GDP accurately reflect our nation’s productivity? Explain why or why not? State | State Tax | Sales Tax | Sales Tax on food | Kansas | 5.7% | 5.7% | 5.7% | MISSOURI | 4.225 | 4.225% | 1.225% |

I have had the chance of living in both states; the state I presently live in is the state of Kansas. The State of Kansas just dropped the state tax rate from 6.3% to 5.7%. Now depending on what city you live sales tax can be higher mainly due to the fact that different cities are able to impose a higher amount of sales tax to bring more revenue in to the city its self. The City I live in imposes a sales tax of 1.1% on top of the current 5.7%. Along the border of the state of Kansas, Missouri Kansas residents will travel over to bigger cities in Missouri to purchase food because the sales tax on food in Missouri is much less than in Kansas. In the north east corner of Kansas around Atchison Kansas, in Atchison are having to pay 7.7% on sales tax the reason for this jump in the tax within Atchison was due to the differences in sales tax on food in Missouri was less therefore the demand on food was greater in Missouri because of the difference in taxes. When States have significantly different sales tax rates

Eco 372

International Trade ECO/372 October 9, 2013 Dr. Mojtaba Ghazanfa International Trade According to Macroeconomic (2010) Comparative advantage principle states that as long as the relative opportunity costs of producing goods (what must be given up in one good in order to get another good) differ among countries, then there are potential gains from trade. In other words it is better for both countries to trade if they have a comparative advantage in producing one item over the next. The consumers…

Words 809 - Pages 4

Eco 372 Essay

Berry’s Bug Blasters Week 5 Paper Team B FIN/370 6/03/14 Berry’s Bug Blasters is a privately held organization that has been in business since 2005. They offer onetime treatments, monthly service plans, and chemicals for customer applications. They deal with various rodents such as roaches, termites, ants, scorpions, rodents, armadillos, snakes, bed bugs, silverfish, and bees. They are being faced with three options for expansion. The three options…

Words 904 - Pages 4

Eco/372 Week 2

Part Two Consider the following three scenarios. Respond to the reflection questions related to each scenario with your suggestions for government action in complete sentences. Scenario 1: The government is currently spending three billion, one hundred million on programs and brings in three billion, five hundred million through taxation. 4. Does this create a budget surplus or deficit? Explain. This creates a surplus, because the government is bringing in more taxation rather than spending more…

Words 707 - Pages 3

Eco 372 Week 1

Table 12: Existing Central HVAC System Energy Consumption Equipment Rated Input Load Factor Utilisation Factor Run Hours Annual Consumption Cost ($/yr) Boiler 877 MJ/h 0.5799 0.42 5475 1169 GJ $16,840 Boiler Pump 0.75 kW 0.6 0.42 5475 1035 kWh $138 Compressor C1 66 kW 0.6 0.42 5475 91,060 kWh $12,111 Compressor C2 31 kW 0.6 0.42 5475 42,771 kWh $5,689 Condenser 4 kW 0.6 0.42 5475 5,519 kWh $734 Condenser Pump 0.37 kW 0.7 0.42 5475 510 kWh $68 AHU Fan 11 kW 0.9 1 5475 54,203 kWh $7,209 Total…

Words 483 - Pages 2

Essay on ECO 372 Week 5 DQs

This file of ECO 372 Week 5 Discussion Questions consists of: 1. Economic forecasts should be dynamic 2. The federal government should balance its budget each year. 3. The production possibilities curve is seldom a straight line. 4. The USA has a larger national debt than any other country. 5. Changes in interest rates, inflation, productivity and income all affect foreign exchange rates. 6. We can expect very low rates of inflation in the next 2 years. 7. Increasing…

Words 364 - Pages 2

ECO 372 Weekly Summary Week 5 Essay

Weekly Summary Week 5 ECO/372 In week five the last week I was chosen to be the lead I accepted it because the team felt like I was not doing my part when it came to taking the lead, which I have no problem but week five really was not a good week to take the lead, reason being I was at a conference in Texas from Sunday to Monday. And I had little to no time on the internet. But I never gave up, I hope the team have trust in me that I will do the very best to make this a good research paper. I…

Words 301 - Pages 2

Essay about Eco 372 Week 2 Product Purchases & the Economy

Product Purchases and the Economy ECO/372 October 12, 2015 Product Purchases and the Economy A new car purchase is one that takes a large amount of consideration and budgeting. The most important economic indicators to consider when investing in an automobile purchase are unemployment rates and interest rates. These indicators will assist a person when deciding whether to purchase new or used. Is the right time now or later to purchase a truck? Economic Indicators The…

Words 1075 - Pages 5

ECO 372 Week 2 DQ 1 Classical and Keynesian Economists Essay

Explain the viewpoints of classical and Keynesian economists. How did the economy that existed at the time of these theories influence them? Which theory is more appropriate for the economy today? Why? With classical economists believe that people supply things to the economy so they have income to demand things of value they supplied. This type of economist also believe that money is always in the economy even when people put money away in the form of savings in a banks or stocks because that…

Words 373 - Pages 2

Fundamentals Of Macroeconomics

Fundamentals of Macroeconomics Cassandra Burns ECO/372 January 12, 2014 Godwin Quashigah Part 1 Gross Domestic Product (GDP) - is defined as the market worth of every merchandise and assistance inside a nation in a stage of measure. Real GDP- report for alteration in the value stage, a modified amount assessed to Nominal GDP. Nominal GDP- When a GDP number that has not been modified for price increase. Unemployment Rate- The ratio is an amount of…

Words 329 - Pages 2

Unemployment and Classic Model Essay

Week3 Mark Reis ECO/372 3/23/2015 Johnny Shull Week3 Assessment Our government’s current policy is looking at the long run for our country’s economic growth. The government could focus on the short run developing technologies and jobs until the economy can grow on its own. Creating jobs in our country and getting people back to work is the path our country needs to be on for a recovery. The more people we can get back to work the less we will be paying in unemployment benefits; with more people…

Words 391 - Pages 2