Question
I really need help with these questions, please or do much as you can. Please and Thank you. 11.Using the Federal marginal tax rates inCanada,2020,calculateapproximatellythe
I really need help with these questions, please or do much as you can. Please and Thank you.
11.Using the Federal marginal tax rates inCanada,2020,calculateapproximatellythe amount a person earning$125,000 owesin federal taxes.
a.$23,192
b.$21,931
c.None of the other answers.
d.$31,200
12.A governmentstarts with no debt and thenborrows$10 billionper year for four years.How much are the government's deficit and debt at the end of the third year?
a.30, 30
b.30, 10
c.10, 10
d.10, 30
13.When the price of computers goes down and their quality improves,what does the calculated inflation rate do?
a.It overestimates the true inflation rate.
b.It underestimates the true inflation rate.
c.consumer behavior bias
d.It correctly represents the true inflation rate.
14.Which of the following is an expansionary fiscal policy?
a.An increase in budget deficit.
b.An increase in taxes.
c.An increase in the bank rate.
d.Quantitative easing.
15.An employment contract requiringthat wageskeep up with inflation is called what?
a.efficiency wage provision
b.effective wage provision
c.inflationwage adjustment
d.cost of living adjustment
16.How automaticstabilizers work whenCanada's economy is above itspotential GDP?
a.Automatic stabilizers will increase government spending and decrease tax revenue.
b.Automatic stabilizerswill decreasebothgovernment spending and tax revenue.
c.Automatic stabilizers will decrease government spending and increase tax revenue.
d.Automatic stabilizerswill increasebothgovernment spending and tax revenue.
17.According to the Quantity theory of money,if nominal GDP is 1800 and the money supply is 450, then what is velocity?
a.22
b.25
c.4.5
d.4
18.Which of the following countries has been hit the most by the COVID-19economic crisis, according to OECD's2020 projections?
a.France
b.South Korea
c.India
d.China
19.Who argues thatthe most important determinant of economic development isequality before the law?
a.John Maynard Keynes
b.David Hume
c.Adam Smith
d.Deirdre McCloskey
20.If government tax policy requires Bill to pay $25,000 in taxes on annual income of $200,000 and Timmy to pay $10,000 in tax on annual income of $100,000, then the tax policy is:
a.proportional.
b.regressive.
c.progressive.
d.optional.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started