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- Assume that in a given country, tax revenues, T, depend on income, I, according to the formula T= - 4,000 + 0.21 Thus, for example, when a household has an income of $50,000, its tax burden is -4,000+ 0.2 x 50,000, or $6,000. Is this a progressive tax schedule? [Hint: Compute average tax rates at several different levels of income.] Now let's generalize the tax schedule in this problem to: T= a + ti where a and t are numbers. (For example, in the tax schedule above, a =-4,000 and t = 0.2.) Write down a formula for the average tax rate as a function of the level of income. Show that the tax system is progressive if a is negative, and regressive if a is positive. (Hint: The average tax rate is TIL.]The following equations describe an economy. (Think of C , I , G , etc., as being measured in Billions and I as a percentage; a 5 percent interest rate implies I = 5.) C= 0.8(1 - t )Y T=0.25 I=900-50i -G=800 L = 0.25Y-62.5i -M/-P= 500 a. What is the value of aG which corresponds to the simple multiplier (with taxes) ? b. By how much does an increase in government spending of ∆G increase the level of Income in this model, which includes the money market? c. By how much does a change in government spending of ∆G affect the equilibrium Interest rate? d. Explain the difference between your answers to parts a and b.TRUE/FALSE When talking about tax multipliers using tax rates instead of the more simple lump sum taxes, we argued that the social security tax cut resulted in a higher tax multiplier.
- Suppose that the economy is in a recession as a result of a fall in investment spending and real GDP is below potential GDP. (a) Illustrate this on an aggregate demand in ation diagram. (b) When real GDP falls, what happens to tax revenue, government spending, and the budget balance? (c) If a balanced budget amendment were in place, what would have to happen to government spending and/or taxes? Illustrate on the diagram. (d) Is it wise to allow the government to run a de cit during a recession and a surplus during an expansion?Miller wants to discourage energy drink purchase, so he's considering a $1 tax or $2 tax on the drink. 1. Is Sen. Miller's plan for a two dollar tax better at stopping consumers from purchasing energy drinks? Why or why not? Incorporate your knowledge of the Laffer Curve in your response.Some liken quantitative easing to that of directing a firehose of money to emerging economies that cannot manage the cash, while others worry that the flood of cash has encourages reckless financial behavior. What specific types of "reckless" financial behavior comes from quantitative easing and by whom? Which measure will reduce employment best: government tax reduction, or increased government spending? Can you compare the multiplier effect of a tax reduction versus the multiplier effect of an increase in government spending? There are TWO formulas. Which of the two will have a bigger impact in the economy and why based on the two formulas? Using the formulas, figure this out: If $30 billion in new investment is added to the economy and MPC is 0.9, how much would the national income (GDP) increase by?
- Please check the solution to (a) and (b) of the following problem for accuracy and elaborate: Given MPC (marginal propensity to consume) = 0.75, if the government implements an expansionary fiscal policy as (a) cutting taxes by $10 billion, then by how much would total spending increase over an infinite period? (b) spending $10 billion, then by how much would total spending increase over an infinite period? MPC = 0.75 Tax multiplier = (-MPC / 1) = (-0.75 / 1 – 0.75) = (-0.75 / 0.25) = -3. (a) Cutting taxes by $10 billion. The total spending increase by (-3) (-$10 billion) = $30 billion. Spending multiplier = (1/1 – MPC) = (1 / 1 – 0.75) = 1 / 0.25 = 4 (b) Spending 1ncrease by 10 billion. The total spending increase by (4) ($10 billion) = $40 billion.Explain how built-in (or automatic) stabilizers work. What are the differences between proportional, progressive, and regressive tax systems as they relate to an economy’s built-in stability?Given the following information. C = 100 + 0.75Yd , (dengan, Yd = Y − T) I = 240 − 600r G = 50 T = 30 Derive the equation for IS curve. Calculate the equilibrium level of income if the interest rate is 8 percent. What is the impact on the equilibrium level of income if the government runs an expansionary fiscal policy by adding G by 200 units? What is the impact on the IS curve if the government increases tax to 80 units? What are the factors other than the fiscal policy factors that can cause the IS curve to shift?
- Refer to the accompanying table for Waxwania. Government Expenditures, G Tax Revenues, T Real GDP $190 100 $500 190 120 600 190 140 700 190 160 800 190 180 900 a. What is the marginal tax rate in Waxwania? ____percent --The average tax rate? _____percent b. Suppose Waxwania is producing $600 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $700.-How large is its budget deficit? $____ -Its cyclically adjusted budget deficit? $____ -Its cyclically adjusted budget deficit as a percentage of potential real GDP?________ percentWhat are some key factors that policymakers should consider when determining the optimal balance between tax rates and public spending in fiscal policy? Please answer with arLet’s assume that in 2017, Sweden’s government had no debt and held $120 billion dollars. To stimulate its economy during 2018, the government of Sweden decides to spend $65 billion more than it will receive in tax revenue and in 2019, the government of Sweden’s expenditures will exceed tax revenues by $75 billion. What will the government of Sweden’s total debt equal at the end of 2019? Group of answer choices $20 billion $120 billion $140 billion $260 billion
