Problem 13-2 algorefer to the accompanying table for, Ask an Expert

Economics

Problem 13-2 (Algo)

Refer to the accompanying table for Waxwania.

Government Expenditures, G	Tax Revenues, T	Real GDP
$160	90	$450
160	110	550
160	130	650
160	150	750
160	170	850

a. What is the marginal tax rate in Waxwania? percent The average tax rate? percent Which of the following describes the tax system: proportional, progressive, regressive?

(Click to select)ProgressiveRegressiveProportional

b. Suppose 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? $

Its cyclically adjusted budget deficit? $

Its cyclically adjusted budget deficit as a percentage of potential real GDP?

Instructions: Round your answer to two decimal places.

percent

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