Exam 20: Public Finance: Expenditures and Taxes

(Advanced analysis)The equations for the demand and supply curves for a particular product are P = 10 − 0.4 Q and P = 2 + 0.4 Q, where P is price and Q is quantity expressed in units of 100. After an excise tax is imposed on the product, the supply equation is P = 3 + 0.4 Q. The equilibrium quantity before the excise tax is imposed is

At the state and local levels of the U.S. government, a majority of government employees work in which of the following areas?

Assume that in year 1 you pay an average tax rate of 25 percent on a taxable income of $50,000. In year 2, you pay an average tax rate of 30 percent on a taxable income of $75,000. Assuming no change in tax rates, the marginal tax rate on your additional $25,000 of income is

Approximately what percentage of the federal government's tax revenues are generated from personal income taxes (in 2018)?

The following are government activities that are involved in public finance, except

In 2016, U.S. governments (local, state, and federal)employed roughly what percentage of the U.S. labor force?

Refer to the personal income tax schedule given in the table. This tax is such that the after-tax distribution of income will be

Social Security contributions are part of

In 2016, the top 5 percent of income-tax filers paid what portion of the total U.S. federal income tax?

What are the major expenditures of state governments? What are the major sources of tax revenue?

What is the difference between a sales tax and an excise tax?

Discuss probable incidence of a local tax on business property.

Define public finance. What are the three sources of funding for governments?

If taxes are $2,000 when income is $15,000 and they are $3,000 when income is $19,000, then the marginal tax rate is

In the diagram, solid arrows reflect real flows, while broken arrows are monetary flows. Flow (3)might represent

Overall, the U.S. tax system (combined federal, state, and local)is

In 2012, households in the top income quintile received about

In 2018, "Tax-Freedom Day" (the day average workers have earned enough to pay their tax bills)was

If the taxes by state and local governments were combined with the federal tax system, the overall tax structure in the U.S. would best be characterized as

Entry fees at national parks and monuments are an example of