1. Sin tax 2. Incidence of tax 3. Tax loopholes 4. Individual incom 5. Sales tax 6. Proportional tax 7. Progressive tax 8. Marginal tax rate 9. Regressive tax 10. Customs duty 11. Price level 12. Deflation 13. Recession 14. Peak 15. Depression

1. Sin tax 2. Incidence of tax 3. Tax loopholes 4. Individual incom 5. Sales tax 6. Proportional tax 7. Progressive tax 8. Marginal tax rate 9. Regressive tax 10. Customs duty 11. Price level 12. Deflation 13. Recession 14. Peak 15. Depression

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Please define all of the following 1-25

1. Sin tax
2. Incidence of tax
3. Tax loopholes
4. Individual income tax
5. Sales tax
6. Proportional tax
7. Progressive tax
8. Marginal tax rate
9. Regressive tax
10. Customs duty
11. Price level
12. Deflation
13. Recession
14. Peak
15. Depression
I
16. Distribution of Income
17. Ability to pay
18. Flat Tax
19. Average tax rate
20. IRS
21. Unemployment rate
22. Inflation
23. GDP
24. GNP
25. GNI

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Step 1: explanation sin tax , incidence tax, tax loopholes, individual income tax, sales tax

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Step 2: explanation of proportional tax, progressive tax, marginal tax rate, regressive tax, customs duty

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Step 3: explanation of price level, deflation, recession, peak, depression

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Step 4: explanation of distribution of income, ability to pay, flat tax, average tax rate , IRS

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Step 5: explanation of unemployment rate, inflation , GDP,GNP,GNI

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