The trend of government tax revenue over the past century.

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Answer 1

Question

Chapter 12, Problem 1QR

To determine

The trend of government tax revenue over the past century.

Expert Solution & Answer

Explanation of Solution

The government tax revenue has increased more rapidly than the rest part of the economy over the past century due to improvement in the efficiency of the tax rate. Therefore, the ratio of government revenue to gross domestic product (GDP) has increased over time which is a good indication of the health of an economy.

Economics Concept Introduction

Concept introduction:

Tax: It is the unilateral payment made by the public towards the government. There are different types of taxes in the economy that include income tax, property tax, and professional tax etc.

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Frederick Jones operates a sole proprietorship business in Trinidad and Tobago. His gross annual revenue in 2023 was $2,000,000. He wants to register for VAT, but he is unsure of what VAT entails, the requirements for registration and what he needs to do to ensure that he is fully compliant with VAT regulations. Make reference to the Vat Act of Trinidad and Tobago and explain to Mr. Jones what VAT entails, the requirements for registration and the requirements to be fully compliant with VAT regulations.

Can you show me the answers for parts a and b? Thanks.

What are the answers for parts a and b? Thanks

Answer 2

Question

Chapter 12, Problem 1QR

To determine

The trend of government tax revenue over the past century.

Expert Solution & Answer

Explanation of Solution

The government tax revenue has increased more rapidly than the rest part of the economy over the past century due to improvement in the efficiency of the tax rate. Therefore, the ratio of government revenue to gross domestic product (GDP) has increased over time which is a good indication of the health of an economy.

Economics Concept Introduction

Concept introduction:

Tax: It is the unilateral payment made by the public towards the government. There are different types of taxes in the economy that include income tax, property tax, and professional tax etc.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 12, Problem 1QR

To determine

The trend of government tax revenue over the past century.

Expert Solution & Answer

Explanation of Solution

The government tax revenue has increased more rapidly than the rest part of the economy over the past century due to improvement in the efficiency of the tax rate. Therefore, the ratio of government revenue to gross domestic product (GDP) has increased over time which is a good indication of the health of an economy.

Economics Concept Introduction

Concept introduction:

Tax: It is the unilateral payment made by the public towards the government. There are different types of taxes in the economy that include income tax, property tax, and professional tax etc.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 12, Problem 1QR

To determine

The trend of government tax revenue over the past century.

Expert Solution & Answer

Explanation of Solution

The government tax revenue has increased more rapidly than the rest part of the economy over the past century due to improvement in the efficiency of the tax rate. Therefore, the ratio of government revenue to gross domestic product (GDP) has increased over time which is a good indication of the health of an economy.

Economics Concept Introduction

Concept introduction:

Tax: It is the unilateral payment made by the public towards the government. There are different types of taxes in the economy that include income tax, property tax, and professional tax etc.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 12, Problem 1QR

To determine

The trend of government tax revenue over the past century.

Expert Solution & Answer

Explanation of Solution

The government tax revenue has increased more rapidly than the rest part of the economy over the past century due to improvement in the efficiency of the tax rate. Therefore, the ratio of government revenue to gross domestic product (GDP) has increased over time which is a good indication of the health of an economy.

Economics Concept Introduction

Concept introduction:

Tax: It is the unilateral payment made by the public towards the government. There are different types of taxes in the economy that include income tax, property tax, and professional tax etc.

Answer 6

Chapter 12, Problem 1QR

To determine

The trend of government tax revenue over the past century.

Expert Solution & Answer

Explanation of Solution

The government tax revenue has increased more rapidly than the rest part of the economy over the past century due to improvement in the efficiency of the tax rate. Therefore, the ratio of government revenue to gross domestic product (GDP) has increased over time which is a good indication of the health of an economy.

Economics Concept Introduction

Concept introduction:

Tax: It is the unilateral payment made by the public towards the government. There are different types of taxes in the economy that include income tax, property tax, and professional tax etc.

Answer 7

Chapter 12, Problem 1QR

To determine

The trend of government tax revenue over the past century.

Answer 8

Expert Solution & Answer

Explanation of Solution

The government tax revenue has increased more rapidly than the rest part of the economy over the past century due to improvement in the efficiency of the tax rate. Therefore, the ratio of government revenue to gross domestic product (GDP) has increased over time which is a good indication of the health of an economy.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Economics Concept Introduction

Concept introduction:

Tax: It is the unilateral payment made by the public towards the government. There are different types of taxes in the economy that include income tax, property tax, and professional tax etc.

Answer 12

Ch. 12.1 - Prob. 1QQ Ch. 12.2 - Prob. 2QQ Ch. 12.3 - Prob. 3QQ Ch. 12 - Prob. 1QR Ch. 12 - Prob. 2QR Ch. 12 - Prob. 3QR Ch. 12 - Prob. 4QR Ch. 12 - Prob. 5QR Ch. 12 - Prob. 6QR Ch. 12 - Prob. 7QR

The trend of government tax revenue over the past century.

Solution Summary: The author explains that government tax revenue has increased more rapidly than the rest of the economy over the past century due to improvement in the tax rate.

The trend of government tax revenue over the past century.

Explanation of Solution

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