Statistics for Management and Economics (Book Only)
11th Edition
ISBN: 9781337296946
Author: Gerald Keller
Publisher: Cengage Learning
expand_more
expand_more
format_list_bulleted
Question
Chapter 2.3, Problem 42E
To determine
Illustrate the chart for the state and local government expenditures.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
A state tax on portable electronic devices causes one store's weekly sales of high-end smartphone cases to decrease from 70 to 65. The
tax is assessed at the point of sale as a tax on buyers. In the graph below, drag the appropriate curve to show a shift as a result of the tax.
Then use the area tool to outline the region that represents the resulting tax revenue for the state.
To refer to the graphing tutorial for this question type, please click here.
Price (5)
100
150
140
130
120
110
100
00
80
70
00
50
40
30
20
10
0
D
S
8 8 8 8 8
Quantity (per week)
(ii) Suppose Country B is similar to Country A in the amount of government expenditures and the level of real GDP at full employment.
But instead of a proportional tax system, Country B has a lump-sum (regressive) tax system that balances the budget at all levels of
GDP.
Graph the tax revenues for this country.
Instructions: Use the tool provided 'Tax revenues' to illustrate the country's tax revenues. Plot the first point of the line where real GDP
is $20 billion and the second point where real GDP is $80 billion. Plot only the endpoints of the line.
$25
Tools
$20
Tax revenues
$15
$10
G
$5
$20
$40
$60
$80
$100
Real domestic output, GDP (billions)
Government expenditures, G, and tax revenues, T (billions)
Question
Assume a government has $28,667 in tax
revenues and $40,094 in total government
spending. What is the value of the annual
budget balance? Please round to 2 decimal
places if needed. Be sure to include a negative
sign (-) if it is a decrease and do not include a
dollar sign ($) when answering.
Chapter 2 Solutions
Statistics for Management and Economics (Book Only)
Ch. 2.1 - Prob. 1ECh. 2.1 - Prob. 2ECh. 2.1 - Prob. 3ECh. 2.1 - Prob. 4ECh. 2.1 - Prob. 5ECh. 2.1 - Prob. 6ECh. 2.1 - Prob. 7ECh. 2.1 - Prob. 8ECh. 2.1 - Prob. 9ECh. 2.1 - Prob. 10E
Ch. 2.1 - Prob. 11ECh. 2.1 - Prob. 12ECh. 2.2 - Prob. 13ECh. 2.2 - Prob. 14ECh. 2.2 - Prob. 15ECh. 2.2 - Prob. 16ECh. 2.2 - Prob. 17ECh. 2.2 - Prob. 18ECh. 2.2 - Prob. 19ECh. 2.2 - Prob. 20ECh. 2.2 - Prob. 21ECh. 2.2 - Prob. 22ECh. 2.2 - Prob. 23ECh. 2.2 - Prob. 24ECh. 2.2 - Prob. 25ECh. 2.2 - Prob. 26ECh. 2.2 - Prob. 27ECh. 2.2 - Prob. 28ECh. 2.2 - Prob. 29ECh. 2.2 - Prob. 30ECh. 2.2 - Prob. 31ECh. 2.2 - Prob. 32ECh. 2.2 - Prob. 33ECh. 2.2 - Prob. 34ECh. 2.2 - Prob. 35ECh. 2.2 - Prob. 36ECh. 2.2 - Prob. 37ECh. 2.2 - Prob. 38ECh. 2.2 - Prob. 39ECh. 2.2 - Prob. 40ECh. 2.3 - Prob. 41ECh. 2.3 - Prob. 42ECh. 2.3 - Prob. 43ECh. 2.3 - Prob. 44ECh. 2.3 - Prob. 45ECh. 2.3 - Prob. 46ECh. 2.3 - Prob. 47ECh. 2.3 - Prob. 48ECh. 2.3 - Prob. 49ECh. 2.3 - Prob. 50ECh. 2.3 - Prob. 51ECh. 2.3 - Prob. 52ECh. 2.3 - Prob. 53ECh. 2.3 - Prob. 54ECh. 2 - Prob. 55CECh. 2 - Prob. 56CECh. 2 - Prob. 57CECh. 2 - Prob. 58CECh. 2 - Prob. 59CECh. 2 - Prob. 60CECh. 2 - Prob. 61CECh. 2 - Prob. 62CECh. 2 - Prob. 63CECh. 2 - Prob. 64CECh. 2 - Prob. 65CECh. 2 - Prob. 66CECh. 2 - Prob. 67CECh. 2 - Prob. 68CECh. 2 - Prob. 69CECh. 2 - Prob. 70CECh. 2 - Prob. 71CECh. 2 - Prob. 72CECh. 2 - Prob. 73CECh. 2 - Prob. 74CECh. 2 - Prob. 75CECh. 2 - Prob. 76CECh. 2 - Prob. 77CECh. 2 - Prob. 78CE
Knowledge Booster
Similar questions
- Question 4Select the information you need from the following figures and calculate the nationalincome for the year shown:Government Spending R18 000Depreciation R6 000Investment spending R35 000Net foreign spending R12 000Indirect taxes R14 500Net factor payments (R4 000)Consumer spending R30 000Subsidies R4 000arrow_forwardThe first table displays Congressional Budget Office forecasts made in January 2015 of future federal budget deficits. Compare these forecasts with actual deficits for those same years (see the second table), and then answer the questions. Year: 2015 2016 2017 2018 2019 2020 Deficit forecast (in billions of dollars) -468-467-489-540-652-739 Fiscal Budget Year Balance = 2015 -439 2016 -585 -86 -76 -53 11 53 2020 -1,074 87 2017-665 2018 -779 Cyclical Component 2019-984 + Structural Component -353 -509 -612 |-790 -1,037 -1,161arrow_forwardReal-Time Data Analysis Exercise* Consider the data below for federal budget receipts, federal budget spending, and GDP in the U.S. Calculate the federal budget surplus or deficit as a percentage of GDP for each year. (Enter your responses rounded to two decimal places and include a minus sign for a deficit.) Federal Federal Budget Receipts (billions of dollars per (billions of dollars (billions of dollars per year, Federal Surplus or Deficit Government Spending Real GDP Year year) per year) in constant 2005 dollars) as a percentage of GDP (%) 2014 3,021 3,506 17,527 2015 3,250 3,692 18.238 2016 3.268 3,853 18,745 2017 3.316 3.982 19.543 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.arrow_forward
- Real-Time Data Analysis Exercise* Consider the data below for federal budget receipts, federal budget spending, and GDP in the U.S. Calculate the federal budget surplus or deficit as a percentage of GDP for each year. (Enter your responses rounded to two decimal places and include a minus sign for a deficit.) Federal Federal Budget Receipts (billions of dollars per (billions of dollars (billions of dollars per year, Government Spending Real GDP Federal Surplus or Deficit in constant 2005 dollars) as a percentage of GDP (%) Year year) per year) 2016 3,268 3,853 18.745 % 2017 3.316 3.982 19,543 % 2018 3.330 4,109 20.612 1% 2019 3.462 4,447 21.433 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.arrow_forwardUnited States U.S. DEPARTMENT OF COMMERCE Census 2000 BUREAU OF THE CENSUS WASHINGTON, DC 20233-2000 OFFICE OF THE DIRECTOR March 13, 2000 To all households: This is your official form for the United States Census 2000. It is used to count every person living in this house or apartment - people of all ages, citizens and non-citizens. Your answers are important. First, the number of representatives each state has in Congress depends on the number of people living in the state. The second reason may be more important to you and your community. The amount of government money your neighborhood receives depends on your answers. That money gets used for schools, employment services, housing assistance, roads, services for children and the elderly, and many other local needs. Your privacy is protected by law (Title 13 of the United States Code), which also requires that you answer these questions. That law ensures that your information is only used for statistical purposes and that no…arrow_forwardReal-Time Data Analysis Exercise* Consider the data below for federal budget receipts, federal budget spending, and GDP in the U.S. Calculate the federal budget surplus or deficit as a percentage of GDP for each year. (Enter your responses rounded to two decimal places and include a minus sign for a deficit.) Federal Federal Budget Receipts (billions of dollars per(billions of dollars (billions of dollars per year, Federal Surplus or Deficit Government Spending Real GDP Year year) per year) in constant 2005 dollars) as a percentage of GDP (%) 2016 3,268 3,853 18.745 2017 3,316 3,982 19,543 2018 3,330 4.109 20,612 % 2019 3.462 4.447 21.433 *Real-time data provided by Federal Reserve Economic Data (FRED), Federal Reserve Bank of Saint Louis.arrow_forward
- U.S. DEPARTMENT OF COMMERCE BUREAU OF THE CENSUS WASHINGTON, DC 38233-2004 OFFICE OF THE DIRECTOR March 13, 2000 To all households: This is your official form for the United States Census 2000. It is used to count every person living in this house or apartment - people of all ages, citizens and non-citizens. United States Census 2000 Your answers are important. First, the number of representatives each state has in Congress depends on the number of people living in the state. The second reason may be more important to you and your community. The amount of government money your neighborhood receives depends on your answers. That money gets used for schools, employment services, housing assistance, roads, services for children and the elderly, and many other local needs. Your privacy is protected by law (Title 13 of the United States Code), which also requires that you answer these questions. That law ensures that your information is only used for statistical purposes and that no…arrow_forwardProvide a trend analysis for income taxes ratios. What does it mean when a company's income taxes ratios increase over the years?arrow_forwardA tax on gasoline is proposed in order to raise money for the pollution-control activities of several public agencies. The tax will be 10¢ per gallon, and last year 10.3 million gallons of gasoline were used by motorists (this is strictly an illustrative number). Does this mean that we can anticipate $1,030,000 in revenues from this tax? Explain and use a graph to answer this question.arrow_forward
- For fiscal year 2006, the national debt of a country was approximately (8.302 x 1012) dollars. At that time, the number of citizens between the ages of 18 and 65 was known to be (3.5 x 10). If the national debt of this country were divided evenly among these citizens, about how much debt would be assigned to each individual? (Enter your answer in standard form, rounded to two decimal places.) per person Tutorial O Show My Work (Optional) ? Submit Answerarrow_forwardDaniela had a gross income of $91,369 in 2010. What was her net income in 2010? Use the income tax table below to answer the question. 2010 Federal Income Tax Brackets and Tax Rates (Canada) Tax Brackets Tax Rates 15% of taxable income less than or equal to $40,970; plus 22% of taxable income greater $40,970 to $81,941 than $40,970 and less than or equal to $81,941; plus $40,970 or less 26% of taxable income greater $81,941 to $127,021 than $81,941 and less than or equal to $127,021; plus More than $127,021 29% of taxable income greater than $127,021arrow_forwardGovernment-imposed taxes cause reductions in the activity that is being taxed, which has important implications for revenue collections. To understand the effect of such a tax, consider the monthly market for cigarettes, which is shown on the following graph. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per pack) 10 9 8 6 2 1 0 0 # Supply Demand 10 20 30 40 50 60 70 80 90 100 QUANTITY (Packs) Graph Input Tool Market for Cigarettes 31- Quantity (Packs) Demand Price (Dollars per pack) (Dollars per pack) Suppose the government imposes a $2-per-pack tax on suppliers. At this tax amount, the equilibrium quantity of cigarettes is Tax 40 6.00 2.00 Supply Price (Dollars per pack) packs, and the government collects $ ? 4.00 in tax revenue.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you