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  1. Steps to Pass the Comprehensive Economics Exam
  2. Could You Pass A 1954 Home Economics Class?
  3. Introduction
  4. Best Ways to Study for Economics Exams

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Most Read Most Recent. Tiebout assumed, crucially, that taxpayers are highly mobile and able to move to wherever their preferred combination of taxes and benefits is on offer. But many taxpayers, including the great majority of workers, are not able to move easily. Tax competition may make it harder to redistribute from rich to poor through the tax system by allowing the rich to move to where taxes are not redistributive.

From the point of view of the taxpayer, the way of undertaking an economic activity that results in the lowest legitimate tax bill. Paying less tax than you are legally obliged to. Where a tax really bites.

Macroeconomics- Everything You Need to Know

Who ultimately pays a tax is often different from who the taxman collects the tax from, because the cost of the tax can be passed on. Prostitution may be the oldest profession, but tax collection was surely not far behind. In its early days, taxation did not always involve handing over money. The ancient Chinese paid with pressed tea, and Jivara tribesmen in Brazil stumped up shrunken heads.

As the PRICE of their citizenship, ancient Greeks and Romans could be called on to serve as soldiers and had to supply their own weapons. The origins of modern taxation can be traced to wealthy subjects paying money to their king in lieu of military service. The other early source of tax revenue was trade, with tolls and customs duties being collected from travelling merchants.

The big advantage of these taxes was that they fell mostly on visitors rather than residents. Governments preferred to tax things that were easy to measure and on which it was thus easy to calculate the liability. This is why early taxes concentrated on tangible items such as LAND and property, physical goods, commodities and ships, as well as things such as the number of windows or fireplaces in a building.

But big differences among countries remain.

Steps to Pass the Comprehensive Economics Exam

One is the overall level of tax. For example, in United States tax revenue amounts to around one-third of its GDP , whereas in Sweden it is closer to half. Others are the preferred methods of collecting it direct versus indirect , the rates at which it is levied and the definition of the TAX BASE to which these rates are applied.

There are also big differences in the way responsibility for taxation is divided among different levels of government. Arguably, any tax is a bad tax. Most economists agree that the best tax is one that has as little impact as possible on people's decisions about whether to undertake a productive economic activity. LAND TAX is regarded as the most efficient by some economists and tax on expenditure by others, as it does all the taking after the wealth creation is done. Some economists favour a neutral tax system that does not influence the sorts of economic activities that take place.

Could You Pass A 1954 Home Economics Class?

Others favour using tax, and tax breaks, to guide economic activity in ways they favour, such as to minimise pollution and to increase the attractiveness of employing people rather than CAPITAL. Taxes on companies, for example, are always paid in the end by humans, be they workers, customers or shareholders.

An economic philosophy espoused by some leftish political leaders in the late 20th century, including Bill Clinton and Tony Blair. Many have therefore found it rather hard to pin down. Several measurements of a variable taken at regular intervals, such as daily, monthly, quarterly, and so on. They are often used by economists in search of trends that they hope will let them predict future movements in the variable.

The idea that a dollar today is worth more than a dollar in the future, because the dollar in the hand today can earn INTEREST during the time until the future dollar is received.


If Q is less than 1, the firm would be better off selling its assets, which are worth more than shareholders currently expect the firm to earn in profit by retaining them. Tobin also gave his name to the 'Tobin tax', a so far unimplemented proposal to reduce speculative cross-border flows of CAPITAL by levying a small tax on foreign exchange transactions. The total return is often expressed as a percentage of the amount invested. In a globalising economy, it is perhaps surprising that countries increasingly trade with their nearest neighbours.

One explanation is geography: as countries have lowered their TARIFF barriers, the relatively greater importance of transport costs makes proximity matter more. But another reason for the fast growth in trade among nearby countries may be less benign. The proliferation of regional trade agreements may be causing neighbours to trade with each other when it would be more efficient for them to export to and import from afar.

Roughly half of these, including some revisions of previous deals, have been set up since There are dozens of other examples. Economists have generally been unenthusiastic about regionalism, for two reasons. First, they worry that preferential tariffs will cause trade to flow in inefficient ways, a process known as trade diversion.

Best Ways to Study for Economics Exams

If the United States imports Mexican televisions merely because the Mexican goods are tariff-free, even if Malaysia has a comparative advantage in television manufacturing, the main benefit of trade will be lost. The second concern is that regionalism will impede efforts to liberalise trade throughout the world. One prominent critic, Jagdish Bhagwati, an economist at Columbia University in New York, has famously said that regional trade areas are 'stumbling blocks' rather than 'building blocks' in the freeing of global trade.

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There is no clear-cut theoretical answer to the question of whether regional trade agreements are good or bad, and the empirical findings are hotly disputed. In general, though, it seems likely that it is better to have regional groups that are open to the rest of the world than groups that are closed. An excess of exports over imports is a trade surplus. Once a resource is being used at a rate near its sustainable capacity, any additional use will reduce its value to its current users.

Thus they will increase their usage to maintain the value of the resource to them, resulting in a further deterioration in its value, and so on, until no value remains. Contemporary examples include overfishing and the polluting of the atmosphere.