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Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
ISBN: 9781305585126

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BuyFindarrow_forward

Principles of Economics (MindTap C...

8th Edition
N. Gregory Mankiw
ISBN: 9781305585126
Textbook Problem

Describe a change in the tax code that might increase private saving. If this policy were implemented, how would it affect the market for loanable funds?

To determine
The impact of change in tax code on private savings and loanable fund market for loanable funds.

Explanation

The tax is the unilateral payment from part of the public to the government. There are many different types of taxes in the economy, and the main ones are the income tax, property tax, professional tax etc. The taxes contribute the major portion of the government revenue. The personal income refers to the income of the individual or the consumer. When the personal income tax is paid out of the income of the individual, the remaining part is known as the private savings...

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