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Taxes greatly influence U.S. economy. Because of this influence, it is good to know the effects they have in the economy and on a personal level. Complete the following to gain a better idea of the various types of taxes, their influences, and how they influence the economy.
Why is the federal income tax progressive, while sales and excise taxes are regressive?
Why do you think they were designed this way?
If you could, would you change anything with these taxes? Why or why not? Explain.
Can anything be improved one way or another?
Do you think the argument against redistributing income through income taxes based on reducing economic efficiency is a strong one? Explain.
Provide an example where a business did not expand because the possible taxes on the profits due to that expansion. Has this happened to your work? What are your thoughts on this?
Suppose that the Japanese government relaxes its controls on imports by Japanese companies. Other things being equal, how should this affect the.
Assume the MPC to be 80% (.8) and based on your information in 1 and 2 above calculate the impact of the change in Government Spending, G, or the change in taxes, T, to determine the maximum possible change in real GDP in the economy. CLEARLY SHOW..
in the free market, as does each unit of other goods. Down and Out are eligible to receive a public housing unit, which provides them with an apartment that would cost them $1000 per month in the free market at a rent of $500 per month. Draw their..
Explain the various components of fluctuations in economy activity over time. Because economic activity fluctuates, how is longterm growth possible?
Describe a moral hazard problem your company is facing. What is the source of the asymmetric information? Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $10,00..
Assume labor's share of GDP is 70% and capital's is 30%, real GDP is growing at a rate of 4 percent a year, the labor force is growing at 2 percent, and the capital stock is growing at 3%.
Suppose that aggregate price level is constant, interest rate is fixed, and there are no taxes on foreign trade, how much will the aggregate demand curve shift and in what direction if the following events occur?
a competing firm are the only sellers of a new product. You are engaged in an intense battle for initial market share. You both realize that the one who captures most of the market share will be the one who spends the most on advertising and promo..
Elucidate what term do economists utilize to describe this second outcome
Given that the annual average growth rate of potential GDP is 6.48%. Suppose the economy grows 0.5%/year faster than at the growth rate of potential GDP. What is the first quarter at which actual GDP exceeds potential GDP?
What would be the net marginal revenue of the marketing division of the firm for the pocket calculators? At what price should the calculators be sold on the external market?
A traditional definition of economics 'efficient utilization of limited productive resources for the purpose of attaining maximum satisfaction of human material wants.'
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