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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)RegressiveProgressiveProportional b.* Suppose Waxwania is producing $650 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $750. 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 Is Waxwania’s fiscal policy expansionary or is it contractionary? (Click to select)ContractionaryExpansionary

  • 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)RegressiveProgressiveProportional

  • b.* Suppose Waxwania is producing $650 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $750.

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

Is Waxwania’s fiscal policy expansionary or is it contractionary? (Click to select)ContractionaryExpansionary

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