Answered: 5 The largest source of government…

5 The largest source of government revenues is ________. Select one: a. personal income taxes b. Social Security taxes c. corporate income taxes

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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5. The tax system is used to reduce income inequality through the use of _____ taxes. Select one: a. progressive b. regressive c. efficiency offset d. proportional.?
5. A reduction in current taxes must result in which of the following? lower future taxes higher government spending in the future some combination of lower government spending and higher future taxes only (a) and (c) are true
With respect to the sources of state tax revenue, the corporate income tax generates approximately twice the revenue as state sales and use taxes. O True O False
5. Calculating tax incidence Suppose that the U.S. government decides to charge beer producers a tax. Before the tax, 25 billion cases of beer were sold every year at a price of $5 per case. After the tax, 18 billion cases of beer are sold every year; consumers pay $6 per case, and producers receive $3 per case (after paying the tax). The amount of the tax on a case of beer is S per case. Of this amount, the burden that falls on consumers is per case, and the burden that falls on producers is S per case. True or Falser The effect of the tax on the quantity sold would have been the same as if the tax had been levied on consumers. True O False
Give answer with explanation and Give Correct and incorrect answer explanation
5. Calculating tax incidence Suppose that the U.S. government decides to charge cola producers a tax. Before the tax, 25 million cases of cola were sold every month at a price of $7 per case. After the tax, 18 million cases of cola are sold every month; consumers pay $8 per case, and producers receive $5 per case (after paying the tax). The amount of the tax on a case of cola is $ per case. Of this amount, the burden that falls on consumers is $ per case, and the burden that falls on producers is $ per case. True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers. O True O False
5
9. Make a graph showing the spending and tax revenue of your state government for as many years as you can find (use the government of your home country if you are not from the United States). What trends do you notice? What spending categories make up the largest share of the state budget? What are the largest sources of revenue? e
QUESTION 1 1. Match the description to the type of tax. v Tax on the use of vehicles, gasoline, alcohol, cigarettes, highways, and A. Estate Tax the like. B. Excise Tax v Tax on the wealth and property of a person upon death. v Tax on wages, earned interest, capital gain, and the like. v tax on home and land ownership v Tax on purchases of discretionary items v Tax on items during their production as well as upon consumption C. Income Tax D. Sales Tax E. Value Added (VAT) tax or Goods and Services (GST) lax F. Property Tax
xation) 12 11 20 9. 1. 1 6. S 4 3- 2- Figure 8-22 90 300 130 120 Refer to Figure 8-22. Suppose the government changed the per-unit tax from $3.00 to $4.50. Compared to the original tax rate, this higher tax rate would a. increase tax revenue and increase the deadweight loss from the tax. b. increase tax revenue and decrease the deadweight loss from the tax. c. decrease tax revenue and increase the deadweight loss from the tax d. decrease tax revenue and decrease the deadweight loss from the tax.
Tax Bracket : 0-$20,000 = 10% $20,001-$60,000 = 15% $60,001-$100,000 = 35% _______________________________ Jessica makes $25,000. How much tax does she pay? A. $3,000 B. $3,750 C. $2,750 D. $1,200
5. Explain the difference between an excise, corporate, payroll, & income tax rates. (a) Suppose that Leia lives on Alderaan. On the planet of Alderaan, income is taxed in a progressive manner. Thus, the first $10,000 of income is taxed at a rate of 5%. Any income earned above $10,000 is taxed at a rate of 20%. Suppose that Leia earns $55,000 in 2019. What is Leia's average tax rate? What is Leia's marginal tax rate?