Question 24 Different countries collect and spend their taxes in different ways. Theses differences: aindicate that some countries are more efficient in the ways they collect tax revenue and allocate that revenue.bindicate that some countries are bigger than other countries. creflect that the people of some countries earn more income than people of other countries. dreflect differences in the values of the people of different countries.

Answered: Different countries collect and spend…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

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Question 24

Different countries collect and spend their taxes in different ways. Theses differences:

indicate that some countries are more efficient in the ways they collect tax revenue and allocate that revenue.

indicate that some countries are bigger than other countries.

reflect that the people of some countries earn more income than people of other countries.

reflect differences in the values of the people of different countries.

Expert Solution

INTRODUCTION

A fundamental method for nations to produce public revenues that enable them to support investments in human capital, infrastructure, and the provision of services for residents and companies is through the collection of taxes.

Taxes are collected and dispersed differently in each nation. In some nations, taxes in general play no part in the budgeting process, while in others, there are no budgeting procedures at all.

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