Answer:
b) increase; fall; rises
Explanation:
Federal budget comes from tax revenues and was drained by transfer payments.
In a recession, firms go out of businesses and people don't spend much. There will be less tax on goods and firms' profits. On the other hand, more people become unemployed and become entitled to receiving transfer payments.
Answer: a tax equal to the external cost.
Explanation:
The most efficient taxes are those that will be equal to the external cost of production that a company is imposing on the environment. This means in effect that a company is paying for the pollution it is inflicting on the environment.
Companies polluting less would pay less and those polluting more would pay more. This is the logic of a tax equal to the external cost.
Answer:
True
Explanation:
When machine is purchased, then the assets increase by the carrying or purchase value of the machine purchased. Here, it is of $1 million.
Further, when it is purchased as against any credit, it creates a liability with the same amount.
Since here also the liability amount = $1 million, it will be recorded with the same.
As there is no involvement of Equity or Retained earnings this do not lay any impact on carrying value of owners equity.
Thus, it is True.
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