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- Tax Revenue ($) 50 NE 40 30 20 10 0 20 40 60 According to this Laffer curve, should the government increase the tax rate from 4C 80 Tax Rate (%) 100 O a.) Yes, because the tax revenue continues to increase after a tax rate of 4C b.) No, because the government should increase the tax rate to 100%. c) No, because the tax revenue is no longer maximized. NVIDIA G SYNE d.) Yes, because the government will receive a higher tax revenue. O11. Assume that Government Spending (G) decreases by 25, what will be the change in Output (Y) if (a) MPC 0.8. (b) MPC-0.75. (c) MPS=0.4. (d) MPS=0.3.Only typed answer Suppose that an economy has the following functions for C, I, G, and NX: C= 51 + 0.89V I = 47 €=35 NX=12-0.10Y and the local tax rate is equal to 28%. What is the Simple Multiplier in this case?
- 1. Given the following model: Y = C + lo + Go C=a+b(Y= T)ou(a>0, 0(d) Suppose government spending increases by some amount AGo to become Go+AGo. Show the change in Y and C as a response to this increase in spending.(a) What is the current equilibrium level of national income? = (b) What is the level of injections 5+ 8 + 7= 206 (c) What is the level of withdrawals o 60+5+8+710-70 yoour TR:7bS-? (d) Assuming that tax revenues are 7 billion, how much is the level of savings? 13-50 040 (e) If national income now rises to 80 billion, and as a result, the consumption of domestically produced goods rises to 58 billion, what is the mpca (f) What is the value of multiplier? (g) Given the initial level of national income of 80 billion, now assume that spending on exports rises by 4 billion, spending on investment rises by 1 billion, and government expenditure falls by 2 billion. By how much the national income will change? 83 Q2, You find the following economic data for a closed economy Utopia: Marginal propensity to consume = 0.6, Investment = 30, Governement spending = 20 Government revenues =20 (Tax collection) People will consume a minimum of 10, no matter what their income is. 4=80 2. I=6 1. What is…Only typed answer and please don't use chatgpt Suppose the tax multiplier in an economy is -3. How will total spending (TS) change when taxes (T) increase by $300? Group of answer choices TS will decrease by $900 TS will decrease by $100 TS will increase by $900 TS will increase by $100Please no written by hand solutions Data on before-tax income, taxes paid and consumption spending (on domestic goods and services) for the Simpson family in various years are given below. BEFORE-TAX INCOME ($) TAX PAID ($) CONSUMPTION SPENDING ($) 3000 3500 3700 4000 25 000 27 000 28 000 30 000 20 000 21 350 22 070 23 600 a. Graph the Simpsons's consumption function and find their household's marginal propensity to consume. b. How much would you expect the Simpsons to consume if their income was $32 000 and they paid taxes of $5000? c. Homer Simpson wins a lottery prize. As a result, the Simpson family increases its consumption by $1000 at each level of after-tax income. ('Income' does not include the prize money.) How does this change affect the graph of their consumption function? How does it affect their marginal propensity to consume?5 Which one of the following statements regarding fiscal policy and the budget is correct?(a) When the government plans to stimulate economic activity, it can increasespending or reduce taxes;(b) Revenue from tax is always greater than government spending in SouthAfrica;(c) Demand management only refers to fiscal policy;(d) A contractionary fiscal policy should be implemented to combatunemploymentGive typing answer with explanation and conclusion Suppose that the typical Canadian spends 80 percent of their income. There is an income tax rate is 15% per period. If the government wanted to see the effect of a tax cut of $50 billion, what would be the tax multiplier that they would have to use.member? 31. INCOME TAX The accompanying table represents the 2007 federal income tax rate schedule for single taxpayers. a. Express an individual's income tax as a function of the taxable income x for 0 =xs 97,925 and draw the graph. b. The graph in part (a) should consist of four line segments. Compute the slope of each segment. What happens to these slopes as the taxable in- come increases? Interpret the slopes in practical terms. If the Taxable Income Is The Income Tax Is Of the Amount Over Over But Not Over $7.825 10% $7.825 $31.850 $783 + 15°. $7.825 $4.387 25%. / $31.850 $31.850 $64.250 $97.925 $12.487 28°. $64.250 $64.2508) government budget surplus from reduced government spending will ________ thelevel of investment in the economy and ________ the level of public saving in theeconomy.A) increase; decreaseB) increase; increase C) decrease; increaseD) decrease; decreaseSEE MORE QUESTIONS