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- True False and a 1 sentence explaination please thanks. C) If a tax intended primarily to generate government revenue also causes substitution effects, the tax is most likely to increase economic efficiency.If the government raises income taxes on Americans in the top one percent of earners, while increasing welfare payments to citizens with incomes below the federal poverty threshold, the most likely result is an ________ in efficiency and a ________ in equality in the United States. Choices are increase and decreaseExplain merit goods and provide at least four examples of how these goods become a merit to the society.
- The table below is an illustration of Pareto efficiency criterion after the implementation of a state income policy in some selected Ministries . Before policy. After policy Ministry A. 400 800 Ministry B. 200 200 Ministry C . 300 300 Total. 900 1300 With reference to the table, explain Pareto optimality.e. Government policies that lead to underproduction, such as quotas, are in violation of the first fundamental theorem of welfare economics. Do you agree? Why/why not? f. What is the difference between the marginal excess tax burden and the marginal cost of public funds when considering a policy?Many cities have taxes on products that are considered "bad," like cigarettes and alcohol. These things may be bad for the individual who consumes them (in terms of lowered health), but also imposes costs on society if people who smoke need health care or people who drink cause accidents. Taxes on these sorts of goods are sometimes referred to as "sin taxes." The idea is that taxing the good will cause people to buy less of that bad (sinful) product. Do you think these taxes work well do produce the desired effect of lowering consumption? What factors may cause a tax to work better or worse as far as lowering consumption? Would these factors cause more or less tax revenue to be raised? If the goal is to reduce consumption, does tax revenue even matter? Would a sin tax work as well on other products like sodas? Why or why not? You don't have to answer every one of the questions I posed -- pick a couple/few that are of interest to you. I threw a lot in there to get you…
- Explain why we have government provision of goods and services instead of using markets. What are the 3 rationales for the government providing goods and services instead of markets?Give an example of a government law or policy that affect individuals’ religious decisions. State the policy, and explain how it influences religious decisions.The pink tax refers to the phenomenon where government taxes feminine products such as tamponsand pads as luxury items rather than essential items. A tampon tax is one type of pink tax. Campaignersargue that the tax posed an unfair burden on women, worsening gender inequalities in terms ofeconomic, health, and educational outcomes. The tampon tax of 10% GST (goods and services tax)was scrapped in Australia in 2019. Use the theories of market failure and government intervention toanalyse the motives of the government removing the tampon tax, and their intended effects on thetampon market. Critics of excluding tampons from the GST have said that this policy will not have areal impact on improving the financial situation of women. Describe two other policies that could beimplemented to improve gender equality more effectively.
- Illustrate one form of income included as gross income. Limit your answers to a maximum of five (5) sentences.Q. What is Pareto efficiency and why do economists care about it? (Your answer should include both definitions and concrete examples.)Explain whether each of the following governmentactivities is motivated by a concern about equality ora concern about efficiency. In the case of efficiency,discuss the type of market failure involved.a. regulating cable TV pricesb. providing some poor people with vouchers thatcan be used to buy foodc. prohibiting smoking in public places d. breaking up Standard Oil (which once owned90 percent of all U.S. oil refineries) into severalsmaller companiese. imposing higher personal income tax rates onpeople with higher incomesf. enacting laws against driving while intoxicated