V.O. Key, in 1940, asked “How is it that we decide to allocate more resources to activity X as compared to activity Y?” How would you respond to that question today?

V.O. Key, in 1940, asked “How is it that we decide to allocate more resources
to activity X as compared to activity Y?” How would you respond to that
question today?

2) (15 points)
(a) What recommendations would you make to balance the federal budget?
(b) Does the federal government have both capital and operating budgets?
____Yes,____No Why or why not?
(b) Is the federal deficit a big deal? How would you respond to that question?
(d) Where do local governments get most of their revenue?
3) (10 points) It is December 2012 and Governor Christie is involved in
developing his first recommendations for the 2013 session of the New Jersey
General Assembly. After making his initial decisions about the funding levels
for the various state agencies, his budget staff determines that, given the
expected revenue for the next two fiscal years and Governor Christie’s initial
budget recommendations, that the first budget draft is “structurally
unbalanced.” As a key advisor, he would like you to explain what a structurally
unbalanced budget is, what it implies about his budget options, and what he can
do to eliminate this problem.
4) (20 points)
(a) What options are available to a state and local government that wants to
improve existing infrastructure?
(b) What makes municipal bonds so attractive to investors?
(c) Do AAA bonds default? Why or why not?
(d) Why do bond issuers seek bond ratings?
(e) Discuss the role of public authorities in the municipal bond market. Do
they differ from “regular “ governments? Are regular governments responsible
for their bond issuing activities?

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