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- Economist Arthur Laffer famously pointed out that, in some cases, income tax revenue can actually go up when tax rates go down. Why might this be the case?Why is spending by the U.S. government on scientific research at NASA fiscal policy while spending by the University of Illinois is not fiscal policy? Why is a cut in the payroll tax fiscal policy whereas a cut in a state income tax is not fiscal policy?Under what general macroeconomic circumstances might a government use expansionary fiscal policy? When might it use contractionary fiscal policy?
- What is fiscal imbalance? Fiscal imbalance is the _______ value of the government's commitments to pay benefits minus the _______ value of its tax revenues. A. future; future B. future; present C. present; future D. present; presentWhy is income increased after "fiscal policy"? Why does our demand for income increase too?How can fiscal policy eliminate GDP gap
- When Amy's income increased her average tax rate decreased trom 20 peroent to 15 percent. When Alice's income increased. her average tax tate increased hom 20 percent to 2 percent When Juke's income incremed, his average tax rate didn't change Ives in an economy witha pgressive ta ystem pays a proportional te and lives in an economy with a regressive ta ystemm OA. Ale Ay Jake 0B Amy Alice Jake OC. Alce, Jake, Amy O D. Jake, Amy AliceChanges in government purchases and services have a more powerful effect on the economy tham taxes or transfers Truo O FalseOur economics have redone their calculations. They now estimate that citizensin our country have an MPC of 0.60. We can fix the problem by decreasing GDP by 250. How much should we increase taxes?