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What is the purpose of price controls what are the

Macroeconomics Homework- Solutions

1. Define and describe "price controls".

2. What is the purpose of price controls?

3. What are the consequences of price controls?

4. Describe Tax incidence. Can government make buyers bear the entire burden of the sales tax?

5. What does the Laffer curve represent?

6. How does the Laffer curve illustrate the economic principle of ‘people respond to incentives'?

7. Considering what the Laffer curve illustrates, do you think the United States should lower its top marginal tax rate from the current level of 39.6% to 30%? Why or why not?

Article: The Case for Raising the Minimum Wage By David Cooper.

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