Q: From Adam Smith's Wealth of Nation , What is the “great enemy” of the economy (hint: not…
A: In the wealth of nation, Adam Smith says that free market forces produce the maximum or optimal…
Q: Economist Arthur Laffer famously pointed out that, in some cases, income tax revenue can actually go…
A: Arthur Laffer is the economist who explain the relationship between tax rates and the revenue…
Q: United States, the various state governments almost all have laws that require them to balance their…
A: Expansionary fiscal policy is utilized to launch the economy during a recession. It supports total…
Q: Economist Arthur lagger famously pointed out that, in some cases, income tax revenue can actually go…
A: The tax is the unilateral payment made by the people towards the government for various purposes…
Q: The following graph shows the aggregate demand curve. Shift the aggregate demand curve on the graph…
A: Aggregate demand is the total demand for the goods and services in the economy, and is equal to the…
Q: Governments tend to like to tax goods with inelastic demands. Why
A: Answer to the question is as follows:
Q: Which of the following is an example of a progressive tax? Group of answer choices All of the above…
A: Progressive tax can be defined as the tax burden which increases with increase in income of the…
Q: Suppose the government provides some amount of a public good, but it results in a reduction of…
A: Crowding out is the situation where the private provision is decreases as a result of government…
Q: Tax incidence usually falls A. only on producers. B. on both consumers and producers. C. only on…
A: Tax incidence is the division the burden of tax falls between producers and consumers. The burden of…
Q: If the government got rid of sales tax, how might this affect the market? shift AD to the right…
A: When the government rid of sales tax, then the price of the goods decreases. Decreasing price leads…
Q: policy?
A: Resource allocation is the process of managing and assigning of assets in a manner which supports…
Q: How can the relative levels of taxes impact relationships between states? For instance, what is…
A: As we know tax is one of the major sources of government income, which the government spends on…
Q: A political candidate is proposing a large increase in the tax on cigarettes and alcohol. he says…
A: An increase in tax on cigarettes and alcohol will shift the supply curve upward to the left. due to…
Q: If the government removes a tax on a good, then the quantity of the good sold will______.
A: The answer to the question is as follows :
Q: During the past five decades, there has been a shift in the composition of the federal budget toward…
A: The government budget represents the spending plans of the government of an economy for a given…
Q: What is wrong with this answer?
A: The correct answer is No one would have an incentive to work once they had earned $200,000, so…
Q: Give an example for the Average Tax Rates?
A: Average tax rate is the tax paid as a percentage of total income. The average tax rate can be…
Q: conomists in Champaign have been studying the local market for pizza. The market is described in the…
A: With tax imposed in the free market, the equilibrium quantity will fall and the market price will…
Q: Suppose that the government wants to tax wealthy people. They notice that only wealthy people buy…
A: The given tax on Yachts is an example of a luxury tax. A luxury tax is a tax that is imposed on the…
Q: We have heard of "Rock the Vote" or even "Vote or Die." What these ad campaigns are attempting to do…
A: Answer- The ad campaigns are to do is reduce the amount of voter apathy. Economists call this…
Q: Suppose that Jacques, an economist from a university in Arizona, and Kyoko, an economist from a…
A: These views of economists are based on normative statement.
Q: What is the water -dimoned paradox?
A:
Q: Shift the aggregate demand curve on the graph to show the impact of a tax cut
A: Shift in aggregate demand is occur when there is any change in consumption, income, government…
Q: The figure below shows a market of good C. Suppose that the government levied a tax on C. If the…
A: The markets are the place where the buyers and the sellers of various goods and services tend to…
Q: Tax revenue when tax is $80 Tax revenue when tax is $40 Tax revenue when tax is $120 The graph shows…
A: From the demand schedule, the demand equation is P = 200 – 2Q and the supply equation is P = 40 +…
Q: The following table shows how three voters ranked Policy A, Policy B, and Policy C. Which policy is…
A: Majority Decision is the one where more than 50% of the votes are in favor of one policy.
Q: WHAT is an example of the government (laws) shaping the economy or vice versa
A: A government can attempt to shape the pace of economic development through supply-side and…
Q: explain in detail the difference between the concept of Pareto optimality and Pareto superiority.
A: The Pareto concept or principle states that for many events, about 80% of the effects result from…
Q: Steve Forbes ran for U.S. president in 1996 and 2000 on a platform proposing a 17% flat tax, that…
A: Answer: Given: Tax rate = 17% Alice's taxable income = $29,000 Calculation of tax amount: If Mr.…
Q: Does tax cuts reduce tax revenue?
A: Government tax revenue: - it is the sum total of the income government received through taxation.
Q: economy with an income tax of 10%, what is the budget balance of thegovernment? economics
A: Autonomus utilization is the utilization consumption that happens when pay levels are zero. Such…
Q: Which one of the two policies, a tax on pork meat consumption, or a tax on pork meat production, is…
A: Most economists believe that a perfectly (PC) competitive market which is devoid of any government…
Q: Describe the three distinct terms to describe the tax rates?
A: A tax is an obligatory payment made by the people towards the government in order to meet the…
Q: What are the cannons of taxation by Adam smith ?
A: Adam Smith suggested taxation to finance government activities. He has led down some rules for the…
Q: Tax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent…
A: The tax incidence means the division of tax burden between buyers and sellers. It refers to the…
Q: question: Which of the following statements is most true? A) Producers will pay the entire tax.…
A: Equilibrium is achieved where quantity supplied equals quantity demanded.
Q: The Laffer curve illustrates the concept that a. an increase in marginal tax rates will always…
A: The Laffer Curve theory was developed by the economist Arthur Laffer and it shows the relationship…
Q: What effect an increase of government spending will have on the output equilibrium in the goods…
A: The autonomous spending is a part of total spending which is made by the government irrespective of…
Q: Voters in California are able to vote on propositions to create their own laws and through this…
A: In the California, it can be seen that voters can vote on propositions so that they can create their…
Q: Whichofthefollowingstatementsis(are)correct? (x) A payroll tax is a tax on the wages that a firm…
A: A payroll tax is a tax that the firm levies on workers for social security purposes. It is directly…
Q: Suppose that the government wants to achieve higher output level and lower unemployment rate at the…
A: Fiscal policy is broadly defined as the policy regime undertaken by the government in order to…
Q: Income tax is an example of
A: Tax is defined as a form of compulsory payment by the individual of a country to its government.…
What is economic populism?
Step by step
Solved in 2 steps
- Every modern society has a government of some sort, and every society has an economy as well. But how do the government and the economy intersect in society? That debate is prevalent in the United States today: how much influence should the government have on businesses, workers, and the economy? Some people say that the government should not have much influence on the economy—only the minimum necessary to ensure that society functions well. Others say that the government should ensure fair and equitable distribution of resources for all companies and workers. Still others say that the role of the government falls somewhere between those two extremes. You can start thinking about the intersection of government and the economy in the United States by considering your everyday life. From the time you get up in the morning until you go to bed at night, what contacts do you have with the government? Which of those contacts are related to the economy?Is economics one of the most important in the world?Suppose that Gilberto, an economist from a business school in Georgia, and Juanita, an economist from a university in Massachusetts, are arguing over government intervention. The following dialogue shows an excerpt from their debate: JUANITA: The usefulness of government intervention in the economy is a long-standing issue that economists continue to debate. GILBERTO: I feel that government involvement in the economy should be reduced because government programs cause more harm than good. JUANITA: While I agree that government programs can be inefficient, I really think they are necessary to help the less fortunate. The disagreement between these economists is most likely due to _____________ (options: differences in values, imperfect information). Despite their differences, with which proposition are two economists chosen at random most likely to agree? A. Rent controls will only add value to housing in a city. B. Free trade is usually preferable to the erection of tariffs and…
- Which economic policies did Ronald Reagan pursue as president?what is modern economicsJim says, "I think it's a little like when you have a cold or the flu. You don't need to see a doctor. In time, your body heals itself. That's sort of the way the economy works too. We don't really need government coming to our rescue every time the economy gets a cold." According to Jim, how does the economy work?