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Public Finance and Aggregate Demand/Supply questions

Economics

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Public Finance and Aggregate Demand/Supply questions.

1. Which is the largest source of revenue for the Federal government? California State government?

2. What item takes the largest share of the federal government spending? State government spending?

3. What is the most recent outstanding national debt of United States? Assuming a 340 million population in United States, what is the per capita debt of United States?

4. Debt to GDP ratio is considered a key indicator of a country’s true debt burden – similar to personal debt to income ratio. According to OECD numbers, which five countries have the highest debt to GDP ratio? Is United States in the top five?

5. Why are taxes on common items such as gasoline and toiletries considered highly regressive? Explain clearly.