The U.S. government spent more than $3.6 trillion in the 2006 fiscal year. The following table provides broadcategories which demonstrate the expenditures of the Federal government for domestic and defense programs.Federal ProgramNational Defense $612Social Security $852Medicare & Medicaid $821National Debt Interest $253Major Social - Aid Programs $562Other $5322014 Expenditures (billions of dollars)a. Construct a pie chart for these datab. Construct a bar chart for these data.c. Construct a pie chart and bar chart using percentages in place of dollars.d. Which of the four charts is more informative to the tax-paying public?

Answered: The U.S. government spent more than…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Using the figures provided in Table 2, calculate the national debt as a percentage of GDP for 2008. 10.14% 59.86% 68.48% $28,333 $47,333 Table 2: Macroeconomic Summary 2008 2009 GROSS DOMESTIC PRODUCT $14,200,000,000,000 $13,800,000,000,000 EMPLOYED BUDGET SURPLUS/DEFICIT NATIONAL DEBT POPULATION POTENTIAL LABOR FORCE LABOR FORCE UNEMPLOYED $450,000,000,000 $1,400,000,000,000 $8,500,000,000,000 $9,450,000,000,000 300,000,000 305,000,000 250,000,000 255,000,000 157,000,000 154,500,000 148,000,000 140,000,000 9,000,000 14,500,000
There are two individuals in a society. The federal income tax in this society is such that that the first $20,000 of income is taxed at 10% and income above that is taxed at 30%. The federal government allows taxes paid to local governments to be deducted. James earns a gross income of $40,000, and Jane earns a gross income of $65,000. Out of his income, James pays $1,000 in local taxes; out of her income, Jane pays $20,000 in local taxes. Which of the following statements is true? a. The federal tax system is proportional. b. James’ total (local + federal) tax bill is greater than Jane’s total tax bill. c. The federal tax system is regressive d. The federal tax system is progressive.
In a hypothetical economy, Clancy earns $37,000, Eileen earns $74,000, and Hubert earns $111,000 in annual income. The following table shows the annual taxable income and tax liability for these three single individuals. For example, Clancy, who earns $37,000, owes $9,250 in taxes. Use the tax liability figures provided to complete the following table by computing the average tax rate for Clancy, Eileen, and Hubert with an annual income of $37,000, $74,000, and $111,000, respectively. Taxable Income Tax Liability Average Tax Rate Taxable Income (Dollars) (Dollars) (Percent) Clancy 37,000 9,250 Eileen 74,000 11,100 Hubert 111,000 11,100 The income tax system for this country is
Reduction and elimination of corporate income taxes (CIT) and the economic result: Examples from North Carolina and Ohio The corporate income tax (CIT) is levied by federal and state governments on business profits, which are revenues (what a business makes in sales) minus costs (the cost of doing business). State-level corporate income tax rates vary across the country. Six states (Nevada, Ohio, South Dakota, Texas, Washington, and Wyoming) levy no corporate income tax, while the remaining states and the District of Columbia do tax corporate profits. Note: Many companies are not subject to the CIT because they are taxed as pass-through businesses, with income reportable under the individual income tax. Lowering the CIT: North Carolina North Carolina’s tax environment is one of the nation’s most competitive. As of 2021, the state boasted the nation’s third-lowest effective tax rates for newly established firms and fifth-lowest rates for mature firms. Just eight years ago, North…
Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation of all parts
Government Spending Tax Revenues GDP Year 1 $450 $425 $2,000 Year 2 500 450 3,000 Year 3 600 500 4,000 Year 4 640 620 5,000 Year 5 680 580 4,800 Year 6 600 620 5,000 The accompanying table gives budget information for a hypothetical economy. Assume that all budget surpluses are used to pay down the public debt. The public debt declined in year
TOPUC: The federal budget
Now that the government's national debt has been growing for several years, investors have become worried that the government might default on its debt-that is, might refuse to pay back the investors. As a result, the investors are now willing to lend to the government only if they receive an interest rate of 10%. If the government runs a budget defict of $10 billion in 2019, the national debt will increase by 5 True or False: At the end of 2019, the government of Debtenburg will exceed the legal limit on how much it can borrow. True O False billion.
The table below shows hypothectical figures of revenue and spending for the Canadian government. For simplicity, assume that all of the spending grants to other levels of government were spent in Canada on goods and services. REVENUES Personal income taxes Corporate income taxes Other income taxes. GST and excise taxes EI premiums Federal Government's Budget Plan for Fiscal Year ($billion) OUTLAYS $95 36 5 47 13 17 Transfers to persons Spending grants to other levels of government Public debt charges Direct program spending Total Outlays Projected Budget Plan Surplus Other revenues Total Revenues 213 a. The projected NTR in this budget plan is $ b. The value of NTR less government spending on goods and services (G) is $ billion. billion. $42 36 31 100 209 4
Ch 17- Budget balances The graph, questions seen in photo, and the question in italics are what I need help with, thanks! In 1967, the national debt (increased or decreased) by ( how many billion dollars).
6
For the U.S. government, which of the given is NOT an example of discretionary spending? defense spending science spending Medicaid Medicare For the U.S. government, which of the given is NOT an example of mandatory spending? Medicare education spending Social Security interest on the national debt Which type of spending currently takes up a larger proportion of the U.S. federal budget? Mandatory spending and discretionary spending take up an equal amount. mandatory spending discretionary spending

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