Define the following 1. Sin tax2. Incidence of tax3. Tax loopholes4. Individual income tax5. Sales tax6. Proportional tax7. Progressive tax8. Marginal tax rate9. Regressive tax10. Customs duty11. Price level12. Deflation13. Recession14. Peak15. DepressionUnit 5 VocabularyISup16. Distribution of Income17. Ability to pay18. Flat Tax19. Average tax rate20. IRS21. Unemployment rate22. Inflation23. GDP24. GNP25. GNI1

Economics is a social science that studies how individuals, businesses, governments, and societies…

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1. Sin tax 2. Incidence of tax 3. Tax loopholes

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

Define the following

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
Unit 5 Vocabulary
I
Sup
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
1

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