1. Explain the concept of efficiccy loss in taxation.

Q: 14. What is the agency responsible for collecting taxes at the O the Federal Tax Office the…

A: The agency responsible for collecting taxes at the federal level is the Internal Revenue Service.

Q: 1. Suppose the demand curve for a good is downward sloping and the supply curve is upward sloping.…

A: We are authorized to answer three subparts at a time, since you have not mentioned which part you…

Q: 10. Understanding marginal and average tax rates Using the information provided on the income tax…

A: The marginal tax rate is the additional tax income due to a change in tax liability. The marginal…

Q: a. According to the benefits-received principle of taxation, O the higher one's income, the higher…

A: In an economy, government taxation has a significant impact on the behavior of the people and the…

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: If sellers bear more of the burden of taxation then O supply is more elastic than demand O…

A: Tax incidence refers to the distribution of tax burden between buyers and sellers. The burden of the…

Q: What is the difference between Direct and Indirect tax?

A: The nations around the world have various decision making, and the policy making authorities, who…

Q: Suppose a high-income person, a middle-income person, and a low-income person purchase identical…

A: Mortgages interest is one of the most utilized tax breaks/deductibles.  Most countries have a higher…

Q: Explain briefly the three main purposes in exercising taxation power.

A: Taxation is defined as the power of accumulation of revenue and raiserevenue from the people to…

Q: In Virginia, in 2019, if you made $10,000 a year in income, you paid $120 +5% of excess over $5,000.…

A: There are different types of taxes imposed by the government on the basis of the type of transaction…

Q: What are the two aspects of taxation? Explain each. (Please include the references

A: Taxation refers to levying of tax by a government authority. It is done to raise tax revenue. The…

Q: Distinguish between the benefits-received and the ability-to-pay principles of taxation. Which…

A: According to the benefit principle of taxation, those who receive the benefits from government…

Q: Taxation Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer…

A: Tax results in leftward shift of the supply curve.It results in increased price and reduction in…

Q: Suppose the demand for cigarettes is Q = 15 - 0.5Pand the supply of cigarettes is Q = P - 3, where P…

A: Equilibrium is achieved at the output level where Qs equals Qd

Q: true

A: Cigarette tax is an excise tax  Excuse taxes are specific taxes required on goods and services like…

Q: What are the characteristics of Taxes, please discuss each,

A: Taxes are the payment made by citizens of country to government of the country and citizens does not…

Q: What are the consequences of an increase in direct taxation?

A: Tax is the charge which is levied by the government. It is a source of government revenue which the…

Q: 22. If the government decide to increase taxes on sugar, who do you think will carry the burden of…

A: As sugar is a necessary, therefore, its demand is inelastic (i.e. with a change in the price of the…

Q: Explain and provide an example of the following: a) b) c) a transfer payment indirect tax direct tax

A: Public expenditure refers to the expenditure that is incurred by the government in providing goods…

Q: Attached is a graph diagram depicting the market for soft drinks. If an excise tax equal to $1 per…

A: In the market for the soft drinks figure, it is identified that the equilibrium is obtained at the…

Q: What is the difference between Direct and Indirect ta

A: Tax refers to a liability imposed by the government to generate revenue from households,…

Q: 2. Suppose that the demand curve for cigarettes is given by y(p) = 50 - P and the supply curve is…

A: y(p)=50-P y(p)=P

Q: Distinguish between the benefits-received and the ability-to-pay principles of taxation. Which…

A: Taxation refers to the process by which a government or taxing body imposes or collects a tax from…

Q: 3)  Are excise taxes, like those on tobacco, gasoline, and alcohol, Progressive, Proportional, or…

A: Regressive tax imposes more burdens on poor households than the rich ones because it is same…

Q: Case II: Attached is a graph diagram depicting the market for soft drinks. If an excise tax equal to…

A: The following figure is given:

Q: True or false (explain why): To minimize the burden of taxation, it is better to levy large taxes on…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What is taxation and describe the evolution of philippine taxation and how does it affects to the…

A: Taxation differs from other forms of payment, such as market trades, in that it does not require…

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: Which of the following is an example of an excise tax? O a) cigarette tax O b) social insurance tax…

A: Excise tax is the tax which consumers don't pay directly to the government. It is an indirect tax.

Q: 4. Consider market for medicine and luxury cars. Assume government decides to impose a tax on buyers…

A: In free markets, equilibrium price and quantity is determined by the forces of demand and supply.…

Q: The market demand for steel is QD = 240–6P and the market supply for steel is QS= –60 +4P.…

A: In a competitive market, there exists a large number of buyers and sellers of the good in the…

Q: Discuss the effects of direct taxes on consumer behavior.

A: Direct taxes are those taxes which are payable on the income of an individual or entity. Income tax,…

Q: Explain and expound why taxation is unavoidable in any state be it rich or poor. Supply facts to…

A: GDP. or the gross domestic product is the value of all the final goods and services which are newly…

Q: Within the context of taxation policy, many economists have preferred the use of consumption tax to…

A: The income tax is the tax that is levied on the income of the people directly. It is collected,…

Q: What is regressive and degressive tax?

A: In order to raise money for important public projects like providing the best infrastructure and…

Q: 9. Which of the following is the most correct statement about tax burdens? а. A tax burden falls…

A: Price elasticity of demand refers to percentage change in quantity demanded with respect to…

Q: Taxation Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer…

A: When there is no tax, the price for beer is P1 and the quantity is Q1.

Q: Suppose the federal government requires beer drinkers to pay a $2 tax on each case of beer…

A: The graph shows the market for beer without tax. The equilibrium price is P* and the equilibrium…

Q: Define progressive tax.asap

A: We know that A tax refers to an amount imposed on the person, commodities or any other item to earn…

Q: USes a tax of S0.60 per soft drink purchased. The price paid by the consumer becomes = b) Refer to…

A: Imposition of tax on goods sold decreases supply of the good.

Q: Why is the burden of a tax to taxpayers greater thanthe revenue received by the government?

A: Tax Burden is a proportion of the taxation rate forced by government. It incorporates direct…

Q: 1. What is the relative importance of taxation to the economy of the country? Give at least three…

A: Since you have asked multiple questions, we are answering the first one for you. If you want the…

Q: Suppose that your state raises its sales tax from5 percent to 6 percent The state revenue…

A: Given: Sale increased from 5% to 6%