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Economics

Prix P3 P2 P1 -Taxe A D C Q₁ B 0₂ O D Quantité

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

5. PLEASE ANSWER ASAP! Give the answer of letter only: The amount of tax revenue received by the government is equal to the area: a) P1 C D P2. b) P2 D A P3. C) P3 A C P1 d) AB C.

Prix
P3
P₂
P1
0
-Taxe
A
D
C
Q₁
B
Q2
O
Quantité

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8. Explain why each of the following taxes is progressive or regressive. a. $1 per pack federal excise tax on cigarettes b. The federal individual income tax d. The federal payroll tax.
4 Proportional Tax Suppose the market for a good is described by the following equations: Qa=60-3P and Qs = -20+5P 1. If the government asks the supplier to pay a 20% GST for every transaction: • What is the new supply and demand curve? • What is the new equilibrium of price paid by the consumers to producers? . What is the new equilibrium quantity? • How much is the total tax collected? 2. If the government asks the consumers to pay a 20% GST for every transaction: redo sub-questions above 3. For proportional tax, do taxing suppliers and taxing consumers make a difference?
Income: 115,000 State Tax Rate: 7 % Federal Income Tax: $0 to $29,000 10% Federal Payroll Tax Rate: 12% $29,001 to $58,300 15% $58,301 to $163,000 29% * Round all answers to 2 decimal places. Do not include any commas or percentage signs.* a) Compute the total tax paid b) What is the marginal tax rate? c) What is the average tax rate?
7. Within the context of taxation policy, many economists have preferred the use of consumption tax to income tax. Explain.
7
of a given activity. c) Economists refer to the revenue collected as a result of a tax as the burden of taxation. Economists refer to other costs imposed on society because of the tax as the burden of taxation.
A sales tax levied at the rate $T does not have the same effects on the market's equilibrium as does an excise tax levied at the rate $T . Select one: a. True b. False
Suppose taxes are related to income as follows: Income Taxes $1,000 $200 $2,000 $350 $3,000 $450 a. What percentage of income is paid in taxes at each level? b. Is the tax rate progressive, proportional, or regressive? c. What is the marginal tax rate on the first $1,000 of income? The second $1,000? The third $1,000?
According to the textbook, which of the following statements about taxes in the U.S. is (are) correct? (x) Tax evasion is illegal, but tax avoidance is legal. (y) Most economists believe that a corporate income tax affects the stockholders of a corporation but not its employees or customers. (z) In practice, the U.S. income tax system is filled with special provisions that alter a family's tax based on its specific circumstances. A. (x), (y) and (z) B. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (z) only
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9. When a sales tax is imposed on sellers, we can imagine a hypothetical supply curve shifted to the left such that the vertical distance between the original supply curve and the new (supply + tax) curve equals the sales tax divided by the price elasticity of demand. sales tax multiplied by the price elasticity of demand. sales tax multiplied by the price elasticity of supply. amount of the sales tax.