Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
8th Edition
ISBN: 9780134641843
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Question
Chapter 8, Problem 8MCQ
To determine
To select:
The correct option that states the principal of fairness and its preposition.
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D) Most conservative criticisms about the ill-effects of taxes are exaggerated or untrue. Taxes are in fact good they are dues we pay to enjoy the numerous vital benefits that government provides for our society. You are a Jamaican citizen who believes that taxes are unjust make a strong case to support your point of view. In Jamaica
Select the correct one :
Q-1) President Biden wants to increase the estate tax (the tax on wealth when a person dies) from 23.8% to 43.4%.
a) The increase would lead to greater tax revenue and will help poor people gain access to more social welfare benefits with no unintended consequences.
b) The increase would lead to no change in revenue over time but less income inequality stemming from a fairer tax code.
c) The higher tax would reduce the problem of scarcity for all working poor people.
d) The increase would be an economically inferior solution to reducing income inequality. In fact, lower taxes – even on the rich - tends to help the poor more.
e) B and D only.
D) Most conservative criticisms about the ill-effects of taxes are exaggerated or untrue. Taxes are in fact good they are dues we
pay to enjoy the numerous vital benefits that government provides for our society. You are a Jamaican citizen who believes that taxes are unjust make a strong case to support your point of view.
Chapter 8 Solutions
Foundations of Economics, Student Value Edition Plus MyLab Economics with eText -- Access Card Package (8th Edition)
Ch. 8 - Prob. 1SPPACh. 8 - Prob. 2SPPACh. 8 - Prob. 3SPPACh. 8 - Prob. 4SPPACh. 8 - Prob. 5SPPACh. 8 - Prob. 6SPPACh. 8 - Prob. 7SPPACh. 8 - Prob. 8SPPACh. 8 - Prob. 9SPPACh. 8 - Prob. 10SPPA
Ch. 8 - Prob. 1IAPACh. 8 - Prob. 2IAPACh. 8 - Prob. 3IAPACh. 8 - Prob. 4IAPACh. 8 - Prob. 5IAPACh. 8 - Prob. 6IAPACh. 8 - Prob. 7IAPACh. 8 - Prob. 8IAPACh. 8 - Prob. 9IAPACh. 8 - Prob. 10IAPACh. 8 - Prob. 1MCQCh. 8 - Prob. 2MCQCh. 8 - Prob. 3MCQCh. 8 - Prob. 4MCQCh. 8 - Prob. 5MCQCh. 8 - Prob. 6MCQCh. 8 - Prob. 7MCQCh. 8 - Prob. 8MCQ
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- Question 1 Assume no Washington income tax, and Washington has a $4M grant to spend. Zoe Wu tells the mayor that a means-tested program would allow the poor to get more money. She suggests that benefits should be redunced by $10 for each $100 in workers’ pre-tax income. Suppose the guarantee rate is G. How much benefit would each group get at their original income (working 40 weeks) in terms of G? 2 2. With the $4M grant, how large can G be? How much benefit does each group get? What is the maximum income in the phase-out region? Draw the benefit schedule with labels. Suppose the government could identify workers’ type and sent them money equal to your answer in part (b), regardless of their labor supply choice. (a) What is the percentage change in workers’ wealth, the dollar value of their time plus unearned income? (b) How many weeks per year would each type work using the elasticity of η = −0.1? Compare your answer to 4(d). Explain why they are similar or…arrow_forwardWrite true or false for the following: a.The government modifies the taxation system sometimes to discourage spending so it can mop up over production in the economy. b.A progressive tax system increases income inequality. c. direct tax is said to be direct tax when the impact and incidence of a tax are on one and the same person. 2. Fill in the blanks with the correct terms ______is a tax where the _____ falls on one person and the _____arrow_forward1. "Taxes are necessary evil". Based on what we discussed in class, discuss and argue why this is true. Then, describe in details how we can build an efficient taxation system?arrow_forward
- 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_forwardExplain in your own words how you believe the Jamaican Government could use taxation to create equity between the rich and the poor in our economy. Your explanation should include practical examples of how this could be achieved. Include referencesarrow_forwardExplain why we have government provision of goods and services instead of using markets. What are the 3 rationales for the government providing goods and services instead of markets?arrow_forward
- 3. Question 3 options: Economic policies that involve government spending and taxes are known as .arrow_forwardDiscuss justice and fairness while answering the questions. 1. Who should pay for the cost of social housing in the Philippines? 2. Who should carry the burden of taxation? 3. Who should benefit from the taxes?arrow_forwardA tax system based on the ability-to-pay principle claims that all citizens should A. pay taxes based on the benefits they receive from government services. B. pay taxes based on consumption rather than income. C. pay taxes based on saving rather than income. D. pay the same amount in taxes. E. make an equal sacrifice.arrow_forward
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