The two largest sources of total revenue for the U.S. federal government.

Question

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Answer 1

Question

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

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Students have asked these similar questions

2.) Using the line drawing tool, plot and label the isocost line. Carefully follow the instructions above, and only draw the required objects. FILL IN BLANK d. Now suppose the price of labour rises to $5 per unit, but the firm still wants to produce 500 tires per day. Explain how a cost-minimizing firm adjusts to this change (with no change in technology). A cost-minimizing firm will be producing on ▼ The samedifferently slopedparallel isocost line. The firm will use ▼ moresameless labour and ▼ less the same amount of more capital and produce on ▼ a higher point on the same a lower point on the same a lower a higher isoquant curve.

QK Using the graph on the right, determine how the firm should change the quantity of the production factors in order to reduce the costs. The firm that is producing at point A can reduce its costs for producing 2000 units by employing A. same capital and more labour. B. less capital and more labour. ○ C. less capital and the same labour. D. more capital and more labour. OE. more capital and less labour. C A B Q =4000 Q = 2000 C Isocost line QL

PL Suppose the price ratio is the same along isocost PK lines A and B. In the figure at right, the difference between isocost line A and isocost line B is that A. the total cost is larger along B. B. the total cost is larger along A. OC. labour is relatively more expensive along A. ○ D. the level of output is lower along A. OE. both capital and labour are relatively cheaper along A. Capital B Labour

Answer 2

Question

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

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Answer 3

Question

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

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Answer 4

Question

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

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Answer 5

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Answer 6

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Answer 7

Chapter 12, Problem 1CQQ

To determine

The two largest sources of total revenue for the U.S. federal government.

Answer 8

Expert Solution & Answer

Answer to Problem 1CQQ

Option ‘b’ is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

Option (b):

Personal income tax and payroll taxes for social insurance are the two important sources of tax revenue for the U.S. federal government. Thus, option b is correct.

Option (a):

The U.S. federal government also levies corporate tax but its contribution is much smaller than that of personal income tax and payroll tax. Thus, option ‘a’ is incorrect.

Option (c):

The U.S. federal government also levies corporate tax but its contribution is much smaller than personal income tax and payroll tax. Thus, option ‘c’ is incorrect.

Option (d):

Payroll tax has the significant contribution in the U.S federal government tax revenue, while property tax is one of the important sources of tax revenue for the state and local governments and not for the U.S federal government. Hence, option ‘d’ is incorrect.

Answer 12

Economics Concept Introduction

Concept introduction:

Personal income tax: A tax which is levied on the incomes generated from the different sources is known as the personal income tax.

Payroll tax: This is the tax which is levied on the wages that the firms pay to their workers.

Sales tax: Sales tax is calculated as the percentage of the total amount spent on the final goods and services.

Property tax: A tax which is levied on the property owners as a percentage of the estimated value of the property is known as property tax.

Answer 13

Ch. 12.1 - Prob. 1QQ Ch. 12.2 - Prob. 2QQ Ch. 12.3 - Prob. 3QQ Ch. 12 - Prob. 1CQQ Ch. 12 - Prob. 2CQQ Ch. 12 - Prob. 3CQQ Ch. 12 - Prob. 4CQQ Ch. 12 - Prob. 5CQQ Ch. 12 - Prob. 6CQQ Ch. 12 - Prob. 1QR

The two largest sources of total revenue for the U.S. federal government.

Solution Summary: The author explains that personal income tax and payroll taxes for social insurance are the two largest sources of tax revenue for the U.S. federal government.

The two largest sources of total revenue for the U.S. federal government.

Answer to Problem 1CQQ

Explanation of Solution

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Chapter 12 Solutions