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- What would happen if expansionary fiscal policy was implemented in a recession but, due to lag, did not actually take effect until after the economy was back to potential GDP?Calculate the average and marginal tax rates inthe following table, and indicate whether the taxis progressive, proportional, or regressive. Whatobservation can you make concerning the relationshipbetween marginal and average tax rates?Do you notice any crowding out effect when government implemented aggressive expansionary fiscal policy targeting Covid 19 last year?
- b. Ultimately, who pays the majority of the economic burden of the tax is dependent upon O the marginal tax rate. O the marginal principle. O the cost-benefit priniciple. O the relative supply and demand elasticities.14. What are the three tools of fiscal policy? Tixes a. b. c.ook Refer to the following table for Waxwania: Government Expenditures, G $ 170 Tax Revenues, T Real GDP $ 90 $ 450 170 110 550 170 130 650 170 150 750 170 170 850 nt ences Instructions: Enter your answers as a whole number. a. What is the marginal tax rate in Waxwania? percent b. What is the average tax rate? percent c. Which of the following describes the tax system: proportional, progressive, or regressive? (Click to select)
- Using a hypothetical demand and supply equations explain what would happen ifgovernment imposes an indirect tax (assume a value) on the product. Find the newequilibrium, change in consumer and producer surplus and amount of governmentrevenue and DWL. Under what conditions consumers will bear of the tax burden? Underwhat conditions producers will bear of the tax burden?Identify whether each of the following taxes is progressive or regressive and indicate in each case where you think the tax incidence lies. d. The federal personal income tax is O proportional, and the incident is on the taxpayer. O average, and the incident is on the consumer. O progressive, and the incident is on the taxpayer. O regressive, and the incident is on the taxpayer. e. A 4 percent state general sales tax is O proportional, and the incident is on the consumer. O regressive, and the incident is on the consumer. O average, and the incident is on the consumer. O progressive, and the incident is on the taxpayer. f. A federal excise tax on automobile tires is O progressive, and the incident is on the taxpayer. O proportional, and the incident is on the consumer. O regressive, and the incident is on the consumer. O average, and the incident is on the consumer.Is expansionary fiscal policy more attractive topoliticians who believe in larger government or topoliticians who believe in smaller government? Explainyour answer.
- For each of the following scenarios, determine which time lag is most likely to result when designing and implementing fiscal policy. a. The separation of power demonstrated between the legislative and executive branches of government combined with strong partisanship attitude among our elected politicians. O recognition lag O legislative lag O implementation lag O All of the answers are correct. b. The fact that it takes economists working for the National Bureau of Economic Research months to declare the dates of peaks and troughs. O recognition lag O legislative lag O implementation lag O All of the answers are correct. c. The time it takes to design and build new Infrastructure after these projects have been passed by the legislature. O recognition lag O legislative lag O implementation lag O All of the answers are correct.learn-us-east-1-prod-fleet01-xythos.content.blackboardcdn.com Bb https://.. a SD Bb Bb Bb 1. From the time of George Washington's presidency to the present, the percentage of the average American's income that goes to pay taxes A. has decreased from about 20 percent to about 10 percent. has decreased from about 50 percent to about 25 percent. C. has remained constant at about 10 percent. D. has risen from less than 2 percent to above 45 percent. Е. В. has risen from less than 5 percent to above 25 percent. 2. According to the textbook, which of the following statements is (are) correct for the United States? (x) The individual income tax and the payroll tax are the two largest sources of revenue for the U.S. federal government. (y) Corporate income taxes and excise taxes make up more than 30 percent of the tax revenue for the U.S. federal government. (z) In general, the two most important taxes for state and local governments in the U.S are sales taxes and property taxes. А. (x), (y)…Sue earns $60,000 per year and pays $12,000 in taxes. She gets a raise and now earns $100,000 per year and pays $16,000 in taxes. The tax system here is. flat O proportional regressive O progressive
