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Table 3-4 Federal Government receipts and expenditures and nominal GDP, billions of dollars.   1967 1978 1984 1999 2009 2018 Tax Receipts 108 280 410 1175 1124 1956 Other Receipts 38 144 302 732 1116 1542 Government Purchases and Subsidies 92 173 317 501 993 1121 Government Transfer Payments 52 234 397 986 2141 2846 Interest Payments 22 79 194 352 355 541 Net Government Investment 9 5 25 -3 49 4 Nominal GDP 860 2,352 4,339 9,631 14,449 20,580 Source: Bureau of Economic Analysis Assume the table above represents all federal government revenues and expenditures.Refer to table 3-4.  Price level as measured by the CPI was 104 in 1984 and 251  in 2018. Calculate the value of tax receipts in 1984, adjusted to 2018 dollars. Round to the nearest whole number and do not enter a ‘$’ sign.

Scenario 3-3. Suppose that the government introduces an EITC such that for the first $8,000 in earnings, the government pays 50¢ per dollar on wages earned. For the next $3,000 of earnings, the credit is held constant at $4,000, and after that point, the credit is reduced at a rate of 20¢ per dollar earned. When the credit reaches zero, there is no additional EITC. Furthermore assume a worker who can work up to 4,000 hours per year at an hourly wage of $10 per hour. Answer the questions below and calculate for the first 800 hours of work.Based on Scenario 3-3 When the EITC disappears how much does the worker get to consume (do not use $ sign)

Scenario 3-2 Consider a market with the following supply and demand curves: Qd= 50-2P and  Qs=P-10 Suppose the government charges the producer a tax of 3 dollars for each unit sold.Based on Scenario 3-2 What is the tax revenue?

Scenario 4-2. Suppose there are three residents in a neighborhood, Barbara, Cole, and Dawn. They are considering the allocation of a certain public good in the neighborhood. Barbara’s demand for the public good is P = 120 – Q. Cole’s demand for the public good is P = 100 – Q. Dawn’s demand for the public good is P = 80 – Q. If your answer is not a whole number, please make sure to round to the nearest hundredth.Refer to Scenario 4-2. At what price is the socially optimal number of the public good produced equal to 40 units? Please do not enter the dollar sign in your answer.

Use the following information for the next six questions.  Wright Corporation has the following costs associated with one of its products:   Direct material $3.00 per unit Direct labor 2.50 per unit Variable overhead 1.80 per unit Fixed overhead $200,000     Variable selling expenses $0.25 per unit sold Fixed SG&A expense $75,000   The corporation planned to produce 50,000 units and actually produced 51,000 units and sold 48,000. The selling price per unit was $25.

The fixed overhead production volume variance is ________________. 

Graph 3-2 depicts three families, X, Y, and Z, and their utility based on spending on education and other goods. Suppose free public education is provided and the new budget constraint is shown in red. Refer to Graph 3-2. Suppose the government provides free public education, as shown in the graph. There will be crowding out of private education spending if

Under variable costing, operating income is $______________.

Under absorption costing, cost of goods sold is $______________.

The variable overhead spending variance is ________.