is not a primary cause of government failure O The rent-seeking behaviour of interest groups The inefficient behaviour of the market The behaviour of bureaucrats The behaviour of vote-maximizing politicians
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- Income Tax rates will be changed to the following Marginal Tax Rates given by: T(I) = 40*I2/ I2+1000 T is the tax rate given as a percentage I is the income of the person in THOUSANDS of dollars What is the marginal tax rate approaching as Income approaches infinity? (round the nearest hundredth of a percent)Song earns $148,000 taxable income as an interior designer and is taxed at an average rate of 20 percent (i.e., $29,600 of tax). Answer the questions below assuming that Congress increases the income tax rate such that Song's average tax rate increases from 20 percent to 25 percent. Required: What will happen to the government's tax revenues if Song chooses to spend more time pursuing her other passions besides work in response to the tax rate change and therefore earns only $111,000 in taxable income? What is the term that describes this type of reaction to a tax rate increase? What types of taxpayers are likely to respond in this manner?The economy is characterized as: C=100+0.8Yd G=T =50 I=50-25i MS=200 P=1 Md=Y-25i Tax T=50 1. Is tax a lumpsump, specific, ad valorem or proportional tax? 2. What is the equilibrium income? 3. What is the total investment?
- Whichofthefollowingstatementsis(are)correct? (x) A person’s tax liability refers to the amount of tax a person receives from the government. (y) The average tax rate measures the fraction of income paid in taxes and the marginal tax rate measures the incremental rate of tax on income. (z) If your income is $40,000 and your income tax liability is $8,000, then your average tax rate is 20 percent but your marginal tax rate may be equal to, greater than or less than 20 percent (x), (y) and (z) (x) and (y) only (x) and (z) only (y) and (z) only (y) onlyConsider a social security system which taxes the young a tax ? in period t to pay the old asubsidy ? in the same period. The rate of growth of population is n>1 and the real interest is r.a) Write down the government budget constraint.b) Derive the lifetime budget set.c) Does this social security system increase the wealth of future generations? Explain.Which of these tax systems does not conform to the idea of vertical equity? a. GST. b. A flat tax where every dollar of income is taxed at 25 percent. c. A poll tax (e.g. where every taxpayer pays $10,000 in tax). d. A progressive tax system. Which one of the following defines the unemployment rate? a. (number on unemployment benefit) / (labour force). b. (number of registered unemployed) / (working age population). c.(number of unemployed) / (working age population). d. D.(number of unemployed) / (labour force).
- Assume that Turkey has s a tax rate of 15% on the first 15,000 TRY of taxable income, then 25% on the next 20,000 TRY, then 35% on the next 30,000 TRY, and a tax rate of 40% for all taxable income above 65,000 TRY. Suppose that Turkey provides a 4,000 TRY exemption per child.Hasan has 2 children, and he earns 82,000 TRY in a year.a) Calculate total tax payments of Hasan.b) Calculate average tax rate for Hasan.Federal payroll taxes to fund the EI program are levied at a combined rate of 1.58 percent up to an income ceiling of $54,200. a. If there was a limit on the income level at which these taxes apply, would they be proportional, progressive, or regressive? With no limit, are the taxes proportional, progressive, or regressive? b. The amount of EI benefits that people receive depends on the amount of payroll taxes they paid. Relative to people who had low earnings, people who had higher earnings and paid more 3 in taxes receive more benefits, but not proportionally more. Does this feature of the EI system make EI a progressive or a regressive payroll tax?A tax system in which average tax rates fall as income rises is a _____ tax system; the way in which the average tax rate changes as income rises is a measure of _____ equity. a. regressive; vertical b. regressive; horizontal c. progressive; vertical d. progressive; horizontal
- Describe the three distinct terms to describe the tax rates?Government spending on health care has been A) shrinking as a share of government spending. B) rising as a share of government spending. C) rising and falling from year to year as various illnesses hit the population.D) falling then rising as a share of government spending. E) steady as a share of government spending. Note:- Please avoid using ChatGPT and refrain from providing handwritten solutions; otherwise, I will definitely give a downvote. Also, be mindful of plagiarism. Answer completely and accurate answer. Rest assured, you will receive an upvote if the answer is accurate.Restaurant meals and vacation hotels expenditures are examples of ______A. consumptionB. investmentC. government spendingD. taxation
