Mac Murray College International Economics Market Socialism Questions

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1. Please provide a brief comparison of the advantages and disadvantages of market socialismrelative to planned socialism.

2. Suppose we develop a hybrid economic system for the United States, and workers can choosebetween two federal taxation plans. Under Plan A, workers pay a flat 5% income tax on theirearnings, but they are not eligible for federal economic benefits like stimulus payments,subsidized health care, low-cost student loans or home mortgages, or unemployment benefits.Alternatively, workers pay a 30% income tax rate under Plan B, and these workers receive freehealth care, free education through the fourth year of college, and low-interest federalmortgages. All workers entering the labor force are under Plan A, but they can switch to Plan Bat any time and must remain under Plan B if they choose this option. Is this hybrid tax systemfair? Will this hybrid tax system promote income and wealth equality? What is the biggestpotential problem with this system? Please use what we have learned about economic incentivesto support your responses.

3. Here is the list several criteria for comparing economic outcomes, and these includethe level of output (GDP), the growth rate of output, composition of output, static efficiency,dynamic efficiency, macro stability, economic security, income and wealth equity, and freedom. Which measure is the most important tool forcomparing economies? Please explain your response.

4. Over the past 150 years, several economies have transitioned from a planned structure to amarket-oriented system? Based on your reading of the assigned chapters, which three countriesexperienced the most successful transitions? Please explain your response.

5. Suppose the US adopts a form of universal basic income program in which each household isguaranteed to have at least $3,000 in monthly income. For example, if a households averagemonthly income falls below $3,000 in a given quarter, then the difference is made up with federalgovernment subsidies. How would this program affect workers decisions to participate in thelabor force? How would this program impact the equality of income distribution in the US?

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