Question

NEED THESE QUESTIONS ANSWERED PLEASE

1. Define the following types of taxes. Be sure to include who pays the tax, and at least one thing the tax pays for.

Payroll Taxes:




Excise Taxes:




Income Taxes:




(5 points)
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2. In your opinion, does enacting tariffs benefit or hurt a domestic economy? Explain your reasoning.











(5 points)
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3. Describe the difference between public goods and private goods. Explain why government action is necessary to ensure the provision of public goods.







(5 points)
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4. Pick three terms from the following list and explain how they prevent competition among businesses.
Fraud, Bid Rigging, Price Fixing, Predatory Pricing, Monopolies, Cartels.








(5 points)
Score

5. In your opinion, do Consumer Protection Laws make life easier or more difficult for consumers? Provide at least one positive and one negative effect of Consumer Protection Laws in your answer.

Answer 1

Payroll: Payroll taxes are a percentage of an employees check usually determined on their salary, it is always taken out of the check before the employee receives it (used to finance social insurance programs like social security and medicare)

Excise taxes: are taxes required on specific goods or services like fuel, tobacco, and alcohol (Excise taxes are primarily taxes that must be paid by businesses)

Income taxes: An income tax is a tax that governments impose on income generated by businesses and individuals within jurisdiction (used by the government to invest in technology and education and to provide goods and services)