Principles of Microeconomics
8th Edition
ISBN: 9781337470384
Author: N. Gregory Mankiw
Publisher: Cengage Learning US
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Chapter 12, Problem 6CQQ
To determine
The impact of the given scenario.
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Chapter 12 Solutions
Principles of Microeconomics
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- Choose the Letter of the Correct Answer. 1. It is an act of laying a tax. A. Theory of tax B. Taxation C. Taxing D. Tax 2. A tax imposed by the government at each stage in the production of goods. A. Excise B. Value –added tax C. Property D. Individual tax 3. A tax imposed for the general purposes of the government to raise revenue for the local area needs. A. National B. Municipal C. Community D. Local 4. It is sanction imposed as a punishment for violation of law or acts deemed injurious. A. Tax B. Penalty C. Fine D. Debt 5. This kind of tax is derived from the individuals, corporate estates, and trusts income. A. Income tax B. Capital gains tax C. Donor Tax D. Estate taxarrow_forwardWhich of the following is not a canon of taxation? Pick a,b,c, or d a. Equity b. General Acceptability c. Convenience d. Certaintyarrow_forwardThe Social Security tax is a tax on a. land. b. capital. c. savings. d. labor.arrow_forward
- 95. Homeowners a. benefit from several loopholes. b. must pay tax on the “income” of living in a house. c. have no particular advantages in the tax system. d. are subject to double taxation.arrow_forwardA new elected government want to reform its tax system. As an economist you are hired to advise the government how to design a better tax system. Give your recommendation on factors that government need to consider if they want to implement the better tax system. Add specific example or case for each factor you recommend to governmentarrow_forwardChoose the letter of the correct answer. 1. This kind of tax is derived from the individuals, corporate estates, and trusts income. A. Donors tax B. Capital gains tax C. Income tax D. Estate tax 2. This is a kind of tax on the rights of the decreased person to transmit his/ her estate to lawful heirs and beneficiaries at the time of death. A. Donors tax B. Capital gains tax C. Income tax D. Estate tax 3. This is a tax levied on gifts and is imposed on the gratuitous transfer of property between two or more persons who are living at the time of the transfer. A. Estate tax B. Capital gains tax C. Income tax D. Donor Tax 4. A tax imposed on loan agreements and papers evidencing the acceptance, assignment, sale or transfer of an obligation. A. Documentary tax B. Capital gains tax C. Income tax D. Estate tax 5. A tax levied on the assessed value of land and permanently attached improvements owned by individuals or corporations. A. Property tax B. Capital gains tax C. Income tax…arrow_forward
- QUESTION 1 1. Match the description to the type of tax. v Tax on the use of vehicles, gasoline, alcohol, cigarettes, highways, and A. Estate Tax the like. B. Excise Tax v Tax on the wealth and property of a person upon death. v Tax on wages, earned interest, capital gain, and the like. v tax on home and land ownership v Tax on purchases of discretionary items v Tax on items during their production as well as upon consumption C. Income Tax D. Sales Tax E. Value Added (VAT) tax or Goods and Services (GST) lax F. Property Taxarrow_forward50. A fully-funded system A. has current retirees being paid out of the taxes of current workers. B. has a sufficient amount of money on hand currently to pay out all future obligations. C. has current retirees being paid out of the taxes of current workers and has a sufficient amount of money on hand curently to pay out all future obligations. D. never needs to run a surplus.arrow_forwardTax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent to which a tax is proportional. D. who bears the burden of a tax.arrow_forward
- Tax incidence is the division of the burden of a tax between the A. society; seller B. buyer; seller C. government; seller D. government; buyer and thearrow_forwardThe U.S tax system a progressive income tax. What is a progressive taxarrow_forwardA regressive tax A. imposes a greater burden on those with higher incomes than on those with lower incomes B. is based on the ability to pay principle C. takes a greater percentage of the income of lower-income groups than of higher-income groups. D. is based on the benefits received principle. E. is considered to be the most equitable type of taxarrow_forward
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