The city of Joslyn has three sources of revenue: borrowing, proprietary income from running the local electric power utility, and taxes.Lastyear,its total revenue was $150 million. If it received $10 million from running the electric power utility and borrowed $40 million,how much did it collect in taxes? Assume Joslyn's total revenue is $150 million.O $100 millionO $110 millionO $140 millionO Nothing

Option A is correct answer $100million

Answered: The city of Joslyn has three sources of…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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What is the government's revenue collected from the $20 sales tax on each yellow bell pepper? Enter the dollar value in the blank below. Repeating the table for convenience: Table 1: Table Price Q. Demanded Q. Supplied $ 20 120 110 100 90 80 70 60 $25 $ 30 $ 35 $40 $45 $ 50 $55 $ 60 $65 $ 70 $75 $80 50 40 30 20 10 0 0 10 20 30 40 50 60 70 80 90 100 110 120
Suppose George made $20,000 last year and that he lives in the country of Harmony. The way Harmony levies income taxes, all citizens must pay 10 percent in taxes on their first $10,000 in earnings and then 50 percent in taxes on anything else they might earn. Given that George earned $20,000 last year, his marginal tax rate on the last dollar he earns will be rate for his entire income will be and his average tax O 10 percent; 50 percent O 50 percent; less than 50 percent O 10 percent; less than 50 percent O 50 percent; 50 percent
4
5. Now assume that a recession ( triggered by a reduction of Aggregate Demand ) causes each of the five incomes to fall by 25 % . In other words , income is 75 % of what they used to be . Given the lower income , a ) what would be the total tax revenue paid by each of the five citizens ? b ) what is the total tax revenue for the small nation ?
Suppose that the U.S. government decides to charge cola producers a tax. Before the tax, 30 billion cases of cola were sold every year at a price of $4 per case. After the tax, 23 billion cases of cola are sold every year; consumers pay $5 per case, and producers receive $2 per case (after paying the tax). The amount of the tax on a case of cola is $_________ per case. Of this amount, the burden that falls on consumers is $_________ per case, and the burden that falls on producers is $__________ per case. True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers.
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QUESTION 16 16. Is the total expenditure of revenue on a government program (revenue collected by a tax) the full measure of the program's cost to society? O a) Yes. O b) No, because the benefit to society always exceeds the dollar cost of government programs. O c) No, because this does not include the efficiency cost of collecting the tax revenue. O d) No, because it does not include the cost of program administration and losses due to corruption.
1
5. Explain the difference between an excise, corporate, payroll, & income tax rates. (a) Suppose that Leia lives on Alderaan. On the planet of Alderaan, income is taxed in a progressive manner. Thus, the first $10,000 of income is taxed at a rate of 5%. Any income earned above $10,000 is taxed at a rate of 20%. Suppose that Leia earns $55,000 in 2019. What is Leia's average tax rate? What is Leia's marginal tax rate?
Suppose the government incurs more debt to finance new military spending. To what extent will this impose a burden on future generations? O a. Government spending on military is considered investment expenditure. O b. Military spending does not at all benefit the future generations. O c. Government spending crowds out private investment spending. O d. Government debt needed to finance military expenditures is held by domestic entities.
5 Morris a single taxpayer earns wages of $350,000. In tax year 2021 he also owns a sole proprietorship with $210,000 of income and $480,000 of allowed deductions ( 270,000 dollar loss). Boris has enough tax basis to cover the loss as and is considered at risk for the loss amount and he materially participates in the activity. What is the amount of excess business loss he will carry forward $10,000 $80,000 $260,000 $270,000

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