Principles of Microeconomics (MindTap Course List)
8th Edition
ISBN: 9781305971493
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 12, Problem 1PA
Subpart (a):
To determine
Total revenue and its composition.
Subpart (b):
To determine
Total revenue and its composition.
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The information in many of the tables in this chapter can be found in the Economic Report of the President, which appears annually. Using a recent issue of the report at your library or on the Internet, answer the following questions and provide some numbers
to support your answers. (Hint: The website of the Government Printing Office is http://www.gpo.gov.)
Figure 1 shows that government revenue as a per-
centage of total income has increased over time. Is this increase primarily attributable to changes in federal government revenue or in state and local government revenue?
Looking at the combined revenue of the federal government and state and local governments, how has the composition of total revenue changed over time? Are personal income taxes more or
less important? Social insurance taxes? Corporate profits taxes?
9. Make a graph showing the spending and tax revenue
of your state government for as many years as you can
find (use the government of your home country if you
are not from the United States). What trends do you
notice? What spending categories make up the largest
share of the state budget? What are the largest sources
of revenue?
e
What are the main categories of government spending? What are the main categories of government revenue?
Chapter 12 Solutions
Principles of Microeconomics (MindTap Course List)
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- Excise taxes on tobacco and alcohol and state sales taxes are often criticized for being regressive. Although everyone pays the same rate regardless of Income, why might this be so?arrow_forwardWhy is government spending typically measured as a percentage of GDP rather than in nominal dollars?arrow_forwardHave spending and taxes by state and local governments In the United States had a generally upward or downward trend in the last few decades?arrow_forward
- What are the main categories of U.S. federal government spending?arrow_forwardUse the information in the table to answer the following question. Income Amount of % of Income Tax $25,000 $6,750 25% $50,000 $10,000 20% $100,000 $15,000 15% Which kind of tax does the data in the table represent?arrow_forwardAssume for the following scenario that there is a 10% sales tax on gasoline. Gasoline Expenditures Total Tax Due Name (Dollars) (Dollars) Determine the amount of money each individual in the following table spends on gasoline taxes and their average tax rate. Total Taxable Income Average Tax Rate (Percent) (Dollars) Tim 10,000 10,000 Brian 40,000 32,000 Crystal 55,000 38,500 Hilary 85,000 51,000 Given the information in the previous table, sales tax on gasoline is because the average tax rate as income rises.arrow_forward
- How would you describe the relationship between corporate taxes and the GDP of a country?arrow_forwardQuestion 44 In Virginia, in 2019, if you made $10,000 a year in income, you paid $120 +5% of excess over $5,000. You would have paid $370 taxes. If you made $30,000 in income in 2019, you paid $720 +5.75% of excess over $17,000. You would have paid $1,476.50 in taxes. What kind of tax is implemented on your income in Virginia? Information from the Virginia Department of Taxation O progressive O excise O regressive O supply-side Question 45arrow_forwardWhat are the budget revenues for a government to finance government spending?arrow_forward
- Text Problem 14-2 Question Help v Suppose that the Office of Management and Budget provides the accompanying estimates of federal budget receipts, federal budget spending, and GDP, all expressed in billions of dollars. Calculate the implied estimates of the federal budget deficit as a percentage of GDP for each year. (Enter each response as a percentage rounded to one decimal place. Do not include a plus or minus sign.) Federal Budget Receipts (2% growth) $2,329.8 Federal GDP Deficit as a % Budget Spending (5% growth) $2,682.6 Year (3% growth) $14,573.2 of GDP 2019 2020 2,376.4 2,816.7 15,010.4 % 2021 2,423.9 2,957.6 15.460.7 2022 2,472.4 3,105.4 15.924.5arrow_forwardhow are consumption taxes different from income and property taxes?arrow_forwardThe following diagram shows changes in fiscal policy by the South African government from the beginning of 2008, until the end of 2014. Study it carefully and answer the question which follows. SOUTH AFRICA GOVERNMENT SPENDING 620000 **** 600000 580000 F N E EH A A EE E E 560000 540000 520000 500000 480000 460000 1/1/2008 1/1/2010 1/1/2012arrow_forward
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