Suppose a small egg to income tax rates 20% for all income up to $50,000 and 30% for any income earned above $50,000 suppose that the economy has a government budget for this year. You’re one of $70,900 and a total of five individuals earning the following income Carla 28,000 been 49,000 Jennifer $50,000 Donnie $75,000 Maria $110,000. In year one does the economy have a balance, budget, budget surplus or a budget deficit accompany a response with corresponding dollar amount

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A: Fiscal policy refers to the policy of tax and expenditure of government. Expansionary fiscal policy…

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A: Answer; Option (a) 6 is correct answer

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A: The issue you raised has to do with income taxation and, more especially, the idea of a progressive…

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A: Budget surplus is the situation if excess reserves.

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A:

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A: ***Since the student has posted a question with multiple subparts, the expert is required to solve…

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A: Introduction: A budget is one within which total projected financial gain matches the entire planned…

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A: Disclaimer:“Since you have asked multiple question, we will solve the first question for you. If you…

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A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

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A: Average tax rate = (Total tax paid / Total income) Marginal tax rate = (Change in tax paid / Change…

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A: In social science, financial gain difference refers to a substantial gap in financial gain…

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A: Fiscal interdependence refers to the interconnection of economic policies and fiscal decisions…

Q: Suppose in Fiscalville there is no tax on the first $10,000 of income, but a 20 percent tax on…

A: 0−10,000 = No tax    10,000 − 20,000 = 20%    20,000 − 30,000 = 30 %    > 30,000  = 40%

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A: Deficit as percentage of GDP = (Deficit / GDP) * 100

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A: Fiscal deficit is the excess of government income over revenue earned. In this scenario, the…