Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 12.1, Problem 1QQ
To determine
The two most important sources of tax revenue for the federal government, state government and local government.
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Students have asked these similar questions
7.Which flows represent taxes?
a. C and D
b. E and F
c. A and B
d. D and E
9. If your_______rises as you make _________income, your taxes are progressive.total taxes, lessoutlook on life, moretax rate, more
One day, Barry the Barber, Inc., collects $400 forhaircuts. Over this day, his equipment depreciates invalue by $50. Of the remaining $350, Barry sends $30to the government in sales taxes, takes home $220 inwages, and retains $100 in his business to add newequipment in the future. From the $220 that Barrytakes home, he pays $70 in income taxes. Based onthis information, compute Barry’s contribution to thefollowing measures of income.a. gross domestic productb. net national productc. national incomed. personal incomee. disposable personal income
Chapter 12 Solutions
Principles of Economics, 7th Edition (MindTap Course List)
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- Excise taxes on tobacco and alcohol and state sales taxes are often criticized for being regressive. Although everyone pays the same rate regardless of Income, why might this be so?arrow_forwardUse the 2019 U.S. federal tax rates in the table to calculate answers to the questions below. Give all answers to two decimals. V Taxable Income $0-$9,700 $9,701-$39,475 $39,476-$84,200 $84,201-160,725 $160,726-$204,100 $204,101-$510,300 Over $510,300 1st attempt Tax rate 10% 222335 12 24 37 See Hinarrow_forward5) The value of government spending in billions of dollars is A) 200. B) 600. C) 800. D) 1,000arrow_forward
- Juan owns a pizza shop. In 2021, Juan spent $20,000 upgrading the oven. This is an example of _____A. consumptionB. investmentC. government spendingD. taxationarrow_forwarddraw a AD/ AS diagram to show the effect of raising and increasing intrest, icome tax, corporate tax and government expenditure versus decreasing intrest, income tax, corporate tax and government expenditure.arrow_forwardDefine individual income tax. A. Individual income tax is the tax an individual pays to the government based on their income from wages.B. Individual income tax is a tax levied on corporations.C. Individual income tax is a tax levied on the value of property or land.D. Individual income tax is a tax paid on a specific product. The producer often passes the cost of the tax to the consumer.arrow_forward
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