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Chapter 7: Q.1 For critical thinking (page 158)

Why might the U.S. government, which funds Social Security, Medicare, and unemployment insurance programs by taxing wages, desire to find a way to reduce self-employment and inhibit the growth of the gig economy?

Short Answer

Expert verified

The gig economy affects independently employed individuals who take part in tax avoidance.

Step by step solution

01

introduction 

Many individuals in the US these days are engaged with the "gig economy" and they offer types of assistance through a web-based stage. One can arrange anything utilizing the internet based stage and business through the web-based stage is developing step by step.

02

explanation

In any case, the issue with the internet based business stage is that individuals included don't believe themselves to be entrepreneurs (independently employed) and they for the most part under-report their pay and wind up settling fewer duties or no assessment by any stretch of the imagination. Along these lines, this is the principal justification for why the US government is figuring out how to diminish independent work.

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Most popular questions from this chapter

Suppose that in 2017, a typical U.S. student attending a state-supported college bought 10 textbooks at a price of 100\( per book and enrolled in 25 credit hours of coursework at a price of 360\) per credit hour. In 2018, the typical student continued to purchase 10 textbooks and enrol in 25 credit hours, but the price of a textbook rose to 110\( per book, and the tuition price increased to 400\) per credit hour. The base year for computing a "student price index" using this information is 2017. What is the value of the student price index in 2017? In 2018? Show your work.

The cost of a nation's market basket in the base year is 1,200$, and the current year's price index equals 125 . What is the cost of the market basket in the current year?

Evaluate who loses and who gains from inflation and distinguish between nominal and real interest rates

Consider the following price indexes: 90 in 2017, 100 in 2018,110 in 2019, 121 in 2020, and 150 in 2021. Answer the following questions.

a. Which year is likely the base year?

b. What is the inflation rate from 2018 to 2019?

c. What is the inflation rate from 2019 to 2020?

d. If the cost of a market basket in 2018 is 2,000$, what is the cost of the same basket of goods and services in 2017? In 2021?

Consider the diagram below. The line represents the economy's growth trend, and the curve represents the economy's actual course of business fluctuations. For each part below, provide the letter label from the portion of the curve that corresponds to the associated term.

a. Contraction

b. Peak

c. Trough

d. Expansion
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