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1. Excise duty is imposed on * Special goods Goods and services Special goods and services Special services

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter12: The Design Of The Tax System

Section: Chapter Questions

Problem 5PA

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1. Excise duty is imposed on *

Special goods

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Special goods and services

Special services

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Federal excise taxes on gasoline vary widely across the developed world. The United States has the lowest taxes at USD $0.40 per gallon (or Â£0.07 per liter), Canada has taxes of $0.60 per gallon, Japan and much of Europe is $2.00 per gallon, while Britain has the highest tax at $2.83 a gallon or Â£0.5 per liter. If gasoline taxes are intended to reduce the time losses from road congestion in urban environments and gasoline pre-tax costs about Â£0.40 per liter, why might the optimal tax in Canada be 50 percent higher than in the United States? What would be an explanation for why adjacent countries would have such different estimates of the price elasticity of demand for auto driving?16
1. The government of Antigua wishes to introduce income tax to increase government revenue. In so doing, a consultant was hired to make recommendations on the best way forward. The consultant proposed that the government shouldn’t tax any employee earning below XCD25,000.00 annually or the employee first XCD25,000.00 annually. Thereafter, any employee earning between XCD25,000.00 and XCD40,000.00 annually should pay 5.5% income tax and then any employee earning above XCD40,000.00 should pay 10.5% income tax. For the above information answer the following: a. Derive a mathematical function to represent the consultant’s position clearly identifying all variables and intervals. b. From part a) above, state the name of ALL the mathematical functions derived. c. If Jane (someone working in Antigua) pays XCD750.00 in income tax, calculate Jane’s annual income.
What is excise tax? value added tax? price floors and price ceilings?
1. What is the difference between Direct and Indirect tax? Short answer
-Discuss the effects of indirect taxes on producers. min 200 word
Case II: Attached is a graph diagram depicting the market for soft drinks. If an excise tax equal to $1 per liter is levied on soft drink sellers, please answer the following questions: 1. Buyers would spend a total of $____________ million on soft drinks. 2. Sellers would receive a total of $____________ million (after-tax) from selling soft drinks. 3. The government revenue from this tax would be $_____________ million.
1. Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer purchased. a. Can you identify any government revenues?
5 The largest source of government revenues is ________. Select one: a. personal income taxes b. Social Security taxes c. corporate income taxes
Case #1: Attached is a graph diagram depicting the market for soft drinks. If an excise tax equal to $1 per liter is levied on soft drink sellers, please answer the following questions: i) The government revenue from this tax would be $___________ million. ii) $_________ million of this revenue would be paid by buyers in the form of higher prices. iii) $_________ million of this revenue would be paid by sellers in the form of reduced income.
Find the marked price and sales tax. Total price Sales tax rate Marked price Sales tax $396.77 6.8% Question content area bottom Part 1 Total price Sales tax rate Marked price Sales tax $396.77 6.8% $enter your response here $enter your response here (Round to the nearest cent.)
Certain items, such as gasoline, air travel, hunting equipment, cigarettes, andtelecommunications services, have a special tax added to the purchase price. What is the name ofthis tax?
Solve only when you know 100% correct solution. (Question #4: Given the demand and supply system: Pb = 58 - 5 Qb & Pv = 2 + 2 QvHow much will the quantity supplied change if sellers pay an excise of T^ = 4 ?