Principles of Microeconomics
7th Edition
ISBN: 9781305156050
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 12, Problem 6CQQ
To determine
The impact of the given scenario.
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Principles of Microeconomics
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- How corporations are designated changes depending on where the corporation is doing business? When a corporation is in the state in which it is incorporated it is known as a(n) A. Foreign corporation B. Public corporation C. Alien corporation D. Domestic corporationarrow_forwardChoose the Letter of the Correct Answer. 1. It is an act of laying a tax. A. Theory of tax B. Taxation C. Taxing D. Tax 2. A tax imposed by the government at each stage in the production of goods. A. Excise B. Value –added tax C. Property D. Individual tax 3. A tax imposed for the general purposes of the government to raise revenue for the local area needs. A. National B. Municipal C. Community D. Local 4. It is sanction imposed as a punishment for violation of law or acts deemed injurious. A. Tax B. Penalty C. Fine D. Debt 5. This kind of tax is derived from the individuals, corporate estates, and trusts income. A. Income tax B. Capital gains tax C. Donor Tax D. Estate taxarrow_forwardThe Social Security tax is a tax on a. land. b. capital. c. savings. d. labor.arrow_forward
- A new elected government want to reform its tax system. As an economist you are hired to advise the government how to design a better tax system. Give your recommendation on factors that government need to consider if they want to implement the better tax system. Add specific example or case for each factor you recommend to governmentarrow_forward50. A fully-funded system A. has current retirees being paid out of the taxes of current workers. B. has a sufficient amount of money on hand currently to pay out all future obligations. C. has current retirees being paid out of the taxes of current workers and has a sufficient amount of money on hand curently to pay out all future obligations. D. never needs to run a surplus.arrow_forwardTax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent to which a tax is proportional. D. who bears the burden of a tax.arrow_forward
- Tax incidence is the division of the burden of a tax between the A. society; seller B. buyer; seller C. government; seller D. government; buyer and thearrow_forwardK Governments and the Public Sector Quick Check What is a public franchise? A public franchise is a company owned by the public in which all profits are distributed to the public. A public franchise is any company that offers free goods or services. A public franchise is a company created by a government to offer a service. A public franchise is a company that was taken over by the government so that its services could be offered for free. 13arrow_forwardGive typing answer with explanation and conclusion The burden of a sales tax will fall primarily on businesses because sales tax is collected from businesses. true or false?arrow_forward
- Define individual income tax. A. Individual income tax is the tax an individual pays to the government based on their income from wages.B. Individual income tax is a tax levied on corporations.C. Individual income tax is a tax levied on the value of property or land.D. Individual income tax is a tax paid on a specific product. The producer often passes the cost of the tax to the consumer.arrow_forwardQuestion 23 Why might a tax be inefficient? a It distorts behavior, causing the marginal costs to be higher than the marginal benefits b The average cost of the tax is too high. c The tax is politically infeasible. d The tax does not collect enough revenue.arrow_forwardExplore the market for land and then answer the question. When the government raises the tax rate on land income, what do land owners do? Land owners O A. decrease the land they use and pay the tax OB. pay more tax and receive less after-tax income OC. sell some land and pay less tax OD. increase the rent on land and pay more tax Rent (dollars per year) 1,500 1,000 600 0 Tax rate Land supply 250 Perfectly inelastic supply Land demand 500 Land (billions of acres)arrow_forward
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