Explain possible errors in the following statistical representations: Aggregate income, by source Government employee pensions 6% Private pensions 3% Asset income 15% Other 16% 1962 Social Security /30% Earnings 28% Source: Social Security Advisory Board Left scale represents tax revenues as a percentage of GDP. Bottom scale represents central government corporate tax rates. 10.0% 8.0 6.0- 4.0 2.0 Zo UA.E. - eland Norway Australia Luxembourg Canada Iceland U.K. they can se any POSITIVE of real num Germany Laffer Curve France U.S. * 0.0 0.0% 5 10 15 20 25 30 35 40 45 50 Sources: OECD Revenue Statistics, Kevin Hassett, American Enterprise Institute

Explain possible errors in the following statistical representations: Aggregate income, by source Government employee pensions 6% Private pensions 3% Asset income 15% Other 16% 1962 Social Security /30% Earnings 28% Source: Social Security Advisory Board Left scale represents tax revenues as a percentage of GDP. Bottom scale represents central government corporate tax rates. 10.0% 8.0 6.0- 4.0 2.0 Zo UA.E. - eland Norway Australia Luxembourg Canada Iceland U.K. they can se any POSITIVE of real num Germany Laffer Curve France U.S. * 0.0 0.0% 5 10 15 20 25 30 35 40 45 50 Sources: OECD Revenue Statistics, Kevin Hassett, American Enterprise Institute

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph gives the labor market for laboratory aides in the imaginary country of Episteme. The equilibrium hourly wage is $10, and the equilibrium number of laboratory aides is 150. Suppose the federal government of Episteme has decided to institute an hourly payroll tax of $4 on laboratory aides and wants to determine whether the tax should be levied on the workers, the employers, or both (in such a way that half the tax is collected from each party). Use the graph input tool to evaluate these three proposals. Entering a number into the Tax Levied on Employers field (initially set at zero dollars per hour) shifts the demand curve down by the amount you enter, and entering a number into the Tax Levied on Workers field (initially set at zero dollars per hour) shifts the supply curve up by the amount you enter. To determine the before-tax wage for each tax proposal, adjust the amount in the Wage field until the quantity of labor supplied equals the quantity of labor demanded.…
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