Refer to the following table for Waxwania: Government Expenditures, G Tax Revenues, T $160 $90 160...

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Refer to the following table for Waxwania: Government Expenditures, G Tax Revenues, T $160 $90 160 110 160 130 160 150 160 170 Instructions: Enter your answers as a whole number. a. What is the marginal tax rate in Waxwania? percent b. What is the average tax rate? Real GDP $450 550 650 750 850 percent c. Which of the following describes the tax system: proportional, progressive, or regressive? Proportional V Refer to the following table for Waxwania: Government Expenditures, G $190 190 190 190 190 Tax Revenues, T $90 110 130 150 170 Real GDP $450 550 650 750 850 Instructions: In part a, enter your answers as a whole number. In part b, round your answer to 2 decimal places. a. Suppose that Waxwania is producing $550 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $650. How large is its budget deficit? How large is its cyclically adjusted budget deficit? $ b. How large is its cyclically adjusted budget deficit as a percentage of potential real GDP? percent c. Is Waxwania's fiscal policy expansionary, or is it contractionary? (Click to select) Refer to the following table for Waxwania: Government Expenditures, G Tax Revenues, T $160 $90 160 110 160 130 160 150 160 170 Instructions: Enter your answers as a whole number. a. What is the marginal tax rate in Waxwania? percent b. What is the average tax rate? Real GDP $450 550 650 750 850 percent c. Which of the following describes the tax system: proportional, progressive, or regressive? Proportional V Refer to the following table for Waxwania: Government Expenditures, G $190 190 190 190 190 Tax Revenues, T $90 110 130 150 170 Real GDP $450 550 650 750 850 Instructions: In part a, enter your answers as a whole number. In part b, round your answer to 2 decimal places. a. Suppose that Waxwania is producing $550 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $650. How large is its budget deficit? How large is its cyclically adjusted budget deficit? $ b. How large is its cyclically adjusted budget deficit as a percentage of potential real GDP? percent c. Is Waxwania's fiscal policy expansionary, or is it contractionary? (Click to select)

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Question Q1 a Marginal tax rate Change in taxChange in real GDP 100 20100 100 20 Margin... View the full answer