Reference no: EM133416513
Questions
1. Why are some taxes necessary? What is the main function of taxation?
2. Explain the difference between a progressive and a regressive tax. Give an example of each.
3. Why can a proportional tax be understood as either progressive or regressive?
4. Explain the difference between mandatory and discretionary spending.
5. Explain the difference between fiscal and monetary policy.
6. In the US, who is responsible for fiscal policy? Who is responsible for monetary policy?
7. What are the main goals of the Federal Reserve System?
8. What is the main tool the Federal Reserve System has to exercise monetary policy? How does it affect the economy?
9. Explain the difference between the national debt and the national deficit.
10. What is the debt ceiling, and how does it influence US politics?