Explain in no less than 4 sentences why Taxation is called the Lifeblood if the Government/State.

Q: Suppose that the U.S. government decides to charge beer consumers a tax. Before the tax, 20 million…

A: Tax refers to the compulsory payment that imposed by the government on consumer, individual people…

Q: Contrast the benefits-received and ability-to-pay principles of taxation. Which of the following…

A: Taxes are the major source of revenue of government. Government levies different varieties of tax on…

Q: Evaluate the following two statements. Do you agree? Why or why not? a. “A tax that has no…

A: Meaning of Tax Imposition:The term tax imposition or the tax hike refers to the situation under…

Q: In a market where the government has imposed a tax on goods, where does tax revenue fall? Explain…

A: The tax on any commodity will lessen the price realized by the sellers and raise the price paid by…

Q: Which is wrong? EXPLAIN   a. The government should tax itself. b. The government can tax itself. c.…

A: In an economy, government is the highest ruling authority that runs the economy based on its…

Q: To be efficient, the revenue from taxation must provide goods that have benefits that caused by the…

A: When a tax(t) is imposed on a good, it shifts the ss(supply) curve to the left/upwards. This reduces…

Q: The Laffer Curve illustrates that government can collect the same amount of tax revenue by choosing…

A: 1.Laffer curve is an inverted U shape like a curve. It states the relationship between tax rates and…

Q: Contrast the benefits-received and ability-to-pay principles of taxation. Which of the following…

A: Since you have asked multiple questions, we will answer only first question for you. If you have any…

Q: Tina Taxpayer makes $75,000 a year. What are her average and marginal tax rates if she is required…

A: Average tax is the total tax rate divided by total income and marginal tax rate is the additional…

Q: Tax incidence usually falls A. only on producers. B. on both consumers and producers. C. only on…

A: Tax incidence is the division the burden of tax falls between producers and consumers. The burden of…

Q: true

A: Cigarette tax is an excise tax  Excuse taxes are specific taxes required on goods and services like…

Q: Graph two different approaches to government as a function of tax rates.

A: There are different approaches why tax is levy . .1. Distributive function :: for allocation of…

Q: If the government decide to increase taxes on sugar, who do you think will carry the burden of…

A: The equilibrium price and quantity of a good or service is determined by the forces of market demand…

Q: Contrast the benefits-received and ability-to-pay principles of taxation. Which of the following…

A: In public economics, the theory of taxation argues that it is imperative for the state to raise…

Q: Describe the two basic philosophies of taxation fairness. How are these philosophies evident in the…

A: Tax fairness is a principle that states that a government's tax system should be equal to all…

Q: Explain how an increase in tax can reduce tax revenue of a government

A: Tax is the major source of revenue for the government. The major government spending is funded from…

Q: Suppose that the U.S. government decides to charge beer consumers a tax. Before the tax, 35 billion…

A: In a competitive market, there exists a large number of buyers and sellers of the good in the…

Q: How do taxation and government spending impact the economy of a country positively in three ways and…

A: Positive impact of taxation Cutting taxes enhance demand by increasing disposable income and…

Q: What are the characteristics of Taxes? Discuss each briefly. (Please include the references, I…

A: Taxes are the compulsory payments imposed by government on the taxpayer to collect funds for…

Q: Suppose you earn $40,000 per year and pay taxes based on marginal taxX rates. The first tax bracket,…

A: Income tax is that type of tax which is imposed by government on the income of individuals &…

Q: Cite and discuss two importance of taxation. Taxation here covers the levying of taxes by the…

A: Taxes are important for an economy in the sense they generate revenue for the economy. India also…

Q: If after a tax is imposed, the price paid by the buyer rises by $3 while the price received by the…

A: Given, After tax, price paid by buyer = rose by $3 After tax, price received by seller = falls by $2…

Q: In the market for therbligs, the supply curve is Ps=$10+$0.05Qs  and the market demand curve is…

A: Demand Equation: P=20-0.10Qd Supply equation : P=10+0.05Qs Equilibrium:  0-0.10Qd=10+0.05Qs Demand…

Q: EXPLAIN THREE WAYS IN WHICH TAXATION AND GOVERNMENT SPENDING IMPACT THE ECONOMY POSITIVELY AND…

A: Positive impact of taxation Cutting taxes enhance demand by increasing disposable income and…

Q: Tax revenue when tax is $80 Tax revenue when tax is $40 Tax revenue when tax is $120 The graph shows…

A: From the demand schedule, the demand equation is P = 200 – 2Q and the supply equation is P = 40 +…

Q: The incidence of a tax: - refers to who writes the check to the government.   - is a measure of the…

A: In Economics, incidence of tax explains which party ultimately bears the burden of tax. It expalins…

Q: Which type of taxation is set up where everyone pays the same percentage? A Progressive B Regressive…

A: Taxation refers to the process through which a government or taxation body imposes or levies a tax…

Q: Explain and expound why taxation is unavoidable in any state be it rich or poor. Supply facts to…

A: GDP. or the gross domestic product is the value of all the final goods and services which are newly…

Q: Government collects the largest percentage of its revenue in which of the following ways?

A: Taxes refer to the monetary payment made to the government of a nation on the purchase or sale of…

Q: A tax in a supply and demand model will: O Transfer surplus from the government to consumers. O…

A:

Q: Tax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent…

A: The tax incidence means the division of tax burden between buyers and sellers. It refers to the…

Q: What are the characteristics of Taxation? Discuss each briefly. (Please include the references, I…

A: Public finance is a subpart of economics that studies the expenditure and revenues of the public…

Q: Person A earns $100,000 per year, while person B earns $45,000 per year. Which conclusion is most…

A: Below is the given values: The earning of person A = $100000 The earning of person B = $45000

Q: The single largest source of revenue for the federal government are corporate income taxes. True or…

A: Taxes, penalties, fees, interest rates, and other sources of government revenue are among them.…

Q: Once a government makes "sin taxes" a significant part of its revenue stream, it has an incentive to…

A: At the time of purchase, a sin tax is imposed on particular goods and services. The excise tax is…

Q: of a given activity. c) Economists refer to the revenue collected as a result of a tax as the burden…

A: In an economy, economists think that there are different types of tax burden when government imposes…

Q: According to the textbook, which of the following statements about taxes in the U.S. is (are)…

A: Taxes are defined as the compulsory charges imposed by the government of the country on individuals…

Q: proportional tax, sometimes referred to as a flat tax, is a kind of income tax wherein all taxpayers…

A: Proportional tax is that the taxing mechanism within which the taxing authority charges constant…

Q: According to the textbook, which of the following statements is (are) correct? (x) As a nation gets…

A: The answer is - (x) only

Q: Why does taxation create an excess burde

A: The excess burden of taxation is the efficiency cost, or deadweight loss, associated with taxation.…

Q: Two of the primary purposes of taxes are to fund the government and mitigate the negative effects of…

A: Taxes are described as a type of obligatory charge levied by a country's government on its…