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- What is the tax revenue using the graph?Question 4Select the information you need from the following figures and calculate the nationalincome for the year shown:Government Spending R18 000Depreciation R6 000Investment spending R35 000Net foreign spending R12 000Indirect taxes R14 500Net factor payments (R4 000)Consumer spending R30 000Subsidies R4 000The first table displays Congressional Budget Office forecasts made in January 2015 of future federal budget deficits. Compare these forecasts with actual deficits for those same years (see the second table), and then answer the questions. Year: 2015 2016 2017 2018 2019 2020 Deficit forecast (in billions of dollars) -468-467-489-540-652-739 Fiscal Budget Year Balance = 2015 -439 2016 -585 -86 -76 -53 11 53 2020 -1,074 87 2017-665 2018 -779 Cyclical Component 2019-984 + Structural Component -353 -509 -612 |-790 -1,037 -1,161
- Real-Time Data Analysis Exercise* Consider the data below for federal budget receipts, federal budget spending, and GDP in the U.S. Calculate the federal budget surplus or deficit as a percentage of GDP for each year. (Enter your responses rounded to two decimal places and include a minus sign for a deficit.) Federal Federal Budget Receipts (billions of dollars per (billions of dollars (billions of dollars per year, Government Spending Real GDP Federal Surplus or Deficit in constant 2005 dollars) as a percentage of GDP (%) Year year) per year) 2016 3,268 3,853 18.745 % 2017 3.316 3.982 19,543 % 2018 3.330 4,109 20.612 1% 2019 3.462 4,447 21.433 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.Real-Time Data Analysis Exercise* Consider the data below for federal budget receipts, federal budget spending, and GDP in the U.S. Calculate the federal budget surplus or deficit as a percentage of GDP for each year. (Enter your responses rounded to two decimal places and include a minus sign for a deficit.) Federal Federal Budget Receipts (billions of dollars per (billions of dollars (billions of dollars per year, Federal Surplus or Deficit Government Spending Real GDP Year year) per year) in constant 2005 dollars) as a percentage of GDP (%) 2014 3,021 3,506 17,527 2015 3,250 3,692 18.238 2016 3.268 3,853 18,745 2017 3.316 3.982 19.543 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.Real-Time Data Analysis Exercise* Consider the data below for federal budget receipts, federal budget spending, and GDP in the U.S. Calculate the federal budget surplus or deficit as a percentage of GDP for each year. (Enter your responses rounded to two decimal places and include a minus sign for a deficit.) Federal Federal Budget Receipts (billions of dollars per(billions of dollars (billions of dollars per year, Federal Surplus or Deficit Government Spending Real GDP Year year) per year) in constant 2005 dollars) as a percentage of GDP (%) 2016 3,268 3,853 18.745 2017 3,316 3,982 19,543 2018 3,330 4.109 20,612 % 2019 3.462 4.447 21.433 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.
- (ii) Suppose Country B is similar to Country A in the amount of government expenditures and the level of real GDP at full employment. But instead of a proportional tax system, Country B has a lump-sum (regressive) tax system that balances the budget at all levels of GDP. Graph the tax revenues for this country. Instructions: Use the tool provided 'Tax revenues' to illustrate the country's tax revenues. Plot the first point of the line where real GDP is $20 billion and the second point where real GDP is $80 billion. Plot only the endpoints of the line. $25 Tools $20 Tax revenues $15 $10 G $5 $20 $40 $60 $80 $100 Real domestic output, GDP (billions) Government expenditures, G, and tax revenues, T (billions)The following diagram shows changes in fiscal policy by the South African government from the beginning of 2008, until the end of 2014. Study it carefully and answer the question which follows. SOUTH AFRICA GOVERNMENT SPENDING 620000 **** 600000 580000 F N E EH A A EE E E 560000 540000 520000 500000 480000 460000 1/1/2008 1/1/2010 1/1/2012Tax revenue (millions of dollars) 60 40 20 The graph shows O no relationship. Tax rate (percent) a cross-section relationship. a relationship with a maximum. a relationship with a minimum. a linear relationship.
- A state tax on portable electronic devices causes one store's weekly sales of high-end smartphone cases to decrease from 70 to 65. The tax is assessed at the point of sale as a tax on buyers. In the graph below, drag the appropriate curve to show a shift as a result of the tax. Then use the area tool to outline the region that represents the resulting tax revenue for the state. To refer to the graphing tutorial for this question type, please click here. Price (5) 100 150 140 130 120 110 100 00 80 70 00 50 40 30 20 10 0 D S 8 8 8 8 8 Quantity (per week)Define government budget in not more than 3 lines3. Budget balances and the national debt The following table lists federal expenditures, revenues, and GDP for the U.S. economy during several years. All numbers are in billions of dollars. Revenues Year (Billions of dollars) 1929 3.9 1948 1967 1986 2005 FEDERAL EXPENDITURES AND RE VENUES (Percent of GDP) 25 20 15 10 41.6 Plot the data for revenues and expenditures as a percentage of GDP on the following graph, rounded to the nearest percent. Use the orange points (square symbol) for expenditures and the green points (triangle symbol) for revenues. Line segments will automatically connect the points. 1929 148.8 769.2 2,153.9 Expenditures GDP (Billions of dollars) (Billions of dollars) 3.1 103.6 1948 29.8 157.5 990.4 2,472.2 1987 YEAR 1986 269.2 2005 832.6 4,462.8 12,421.9 Expenditures Δ Revenues ?