Why is tax necessary for the government? Substantiate your answer in 2 paragraphs

Q: How to determine consumer surplus, producer surplus, tax revenue, economic surplus after tax?

A:

Q: Define progressive tax.

A: A tax refers to an amount imposed on the person, commodities or any other item to earn revenue for…

Q: based the attached equations find: (a) Consumer Surplus before tax (b) Producer Surplus  before tax

A: Producer surplus refer to the difference between the minimum acceptance price of the producer and…

Q: What are the three distinct terms to describe taxes?

A: A tax is a unilateral payment made by the people towards the government for various purposes. The…

Q: Giving reasons classify the following into direct and indirect tax (1) Wealth tax (2) Value…

A: # Taxes can be broadly classified into two segments which are direct tax and indirect tax. as the…

Q: Explain three different types of taxes imposed in the United States including the reason for its…

A: Following are the three types of tax imposed in the United States: Progressive Regressive…

Q: Explain tax abatements and how are they different from tax expenditures?

A: It affects the application of a credit to the whole taxes owed. Though circumstances may change,…

Q: Your Finance Minister considers making a tax reform. He asks you, as a senior tax administrator, to…

A: There are five basic requirements that must be satisfied by a good tax system : Fairness Adequacy…

Q: Which of the following is not a canon of taxation? Pick a,b,c, or d a. Equity b. General…

A: Canons of taxation are defined as the various administrative features of taxation. Taxation refers…

Q: how much total tax revenue is ultimately paid by firms

A: Answer to the question is as follows:

Q: Your politician friend wants to do a survey to find out the impact of a tax on wealth held by…

A: Answer - Need to find - Reasons that survey might be misleading  The reasons survey might be…

Q: A tax is placed on beer and sellers have ended up bearing most of the burden of this tax. Why is…

A: When a tax is placed on the good, quantity exchanged in the market decreases. Buyers pay higher…

Q: What is indirect tax? Write its four definitions.

A: Tax is compulsory contribution on the wealth of a person or a body of person for the services of the…

Q: Imposing a sales tax on sellers of a product has an effect that is similar to which of the…

A: Implementation of sales tax on the sellers will affect the supply of the goods.

Q: Is it possible to be used partly for public purpose and partly private purpose without violating the…

A: When a taxing body, typically a government, levies or imposes a financial responsibility on its…

Q: What is merits and demerits of direct tax?

A: A tax is described as one that the government imposes on citizens who participate in the economy in…

Q: Diffrentiate between direct tax and indirect tax

A: Tax is compulsory payments which is made to government, There is no direct quid pro quo. or taxpayer…

Q: What is the nature of Taxation?

A: Government and private sector balance the functioning of economy. With public and private sector,…

Q: Identify the link of necessity and luxury goods to tax revenue

A: Tax Revenue refers to the income earned by the government through taxation. Tax revenue produces a…

Q: Using demand curve approach, explain how a commodity tax incurs excess burden

A: In a market, tax burden refers to the additional cost bear by the market participant when government…

Q: Calculate the effective tax rate (in percent) of people who eam an annual income of P250,000.…

A: Taxes are necessary contributions that a government entity, whether local, regional, or national,…

Q: why do comsumers pay the tax on goods if the elasticity of demand is less than the elasticty of…

A: Demand is said to be inelastic when the change in price leads a change in quantity demanded in…

Q: True or false the burden of of the tax falls on the party who actually pays the money for the tax to…

A: Taxes are an important government policy instrument that is used to collect revenue from the public…

Q: How important is tax in a government?

A: A tax refers to a compulsory financial fee or some other type of levy imposed on a taxpayer by a…

Q: What are the fundamental principles of taxation?

A: Taxation means levying or imposition of particular amount of tax on individuals by the government in…

Q: Suppose government impose a tax of 1 dollar per bottle on sellers of industrial detergent. Explain 3…

A: The tax is a compulsory payment or a levy which is imposed by the government on providing various…

Q: Differentiate Tax from Taxation

A: Taxes are of two types: direct and indirect taxes.

Q: what the meaning of tax?

A: Tax is a compulsory contribution to the state's revenue that is levied by the government of each…

Q: Find out NIT if indirect tax is $72 and subsidies $40?

A: According to ques we are given that  Indirect tax= $72 Subsidies =$40 we have to find NIT

Q: What are the characteristics of Taxation

A: Taxes are levied in almost every country in the world. It is levied to raise revenue for the…

Q: A new elected government want to reform its tax system. As an economist you are hired to advise the…

A: When a taxing body, typically a government, levies or imposes a financial responsibility on its…

Q: Churches have been considered as lucrative business in the country. Do agree with the idea that…

A: At the marketplace, lucrative business refers to. The one that has the ability to generate profit…

Q: Discuss how a government might use taxation to affect the distribution of income

A: In an economy, the inequality of income distribution can be explained by the situation when a richer…

Q: Tax Incidence

A: Tax is primarily the income of the government. It will be levied on the people.

Q: What is the marginal tax rate on a lump-sum tax?How is this related to the efficiency of the tax?

A: A lump-sum tax refers to a tax which is based on a fixed amount. It involves paying a fixed amount…

Q: When the price elasticity of demand is high and the price elasticity of supply is low, the burden of…

A: The tax burden on buyers and sellers: P'b(t) = η/(η+ε) P's(t) = ε/(η+ε),  where, P'b(t) is the…

Q: do taxes generate the revenue?

A: Revenue: It refers to the extra benefits that a business can earn. These extra benefits will help…

Q: A county government has decided that it needs to generate more revenue to pay for repaving all of…

A: The government collects taxes to finance its expenditure incurred while adopting various…

Q: Explain how corporate profits are taxed twice

A: Taxes refer to the fees that is charged by the government on various entities of the economy. The…

Q: What is the subject of Corporate Tax? Who has to pay corporate tax? Please provide detailed…

A: Corporate tax is a form of tax that applies to all businesses. It is a tax levied on a company's…

Q: nich among the following is a direct tax? [A] Excise Duty [B] Sales Tax [C] VAT [D] Income Tax

A: According to the given question the direct tax is Option(d) is correct that is the income tax Reason…

Q: What is the difference between a general sales tax and an excise tax?

A: A tax is a mandatory fee collected by the governments from individuals, firms and businesses to…