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REVENUE EFFECT: The goal of imposing taxes to generate revenue used to finance the operation of government, most notably to finance the provision of public goods. This is one of two reasons, and the primary reason, that governments impose taxes. The other reason is the allocation effect. Governments work the revenue effect because they need access to income and resources to build highways, defend the nation, educate the population, and maintain the legal system. They purchase these resources with tax revenue generated through the revenue effect.

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Lesson 12: Business Cycles | Unit 1: Instability Page: 3 of 26

Topic: Expansionary Good Times <=PAGE BACK | PAGE NEXT=>

Expansionary good times are almost always good. But here is a bad side.
  • The good side: The economy is growing, more goods are produced, living standards rise, businesses are profitable, and scarcity problems are lessened.
  • The bad side: Inflation and inefficiency.
  • Inflation tends to worsen when the economy expands too rapidly. Inflation is usually a bigger problem for some than for others, including those on fixed incomes and with financial wealth.
  • Inefficiency is likely during an expansion. With the entire economy expanding, and everyone becoming better off, the incentive to be efficient is reduced.

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AD VALOREM TAX

A tax specified as a percentage of the price or value of a good, service, asset, or other activity. Ad valorem taxes tend to be broad based, imposed on activities such as income and retail sales. In fact, the two most important ad valorem taxes are income taxes and sales taxes. People pay a percentage of their incomes in income taxes or a percentage or the value of their purchases in sales taxes, regardless of the amount of time spent working or the quantities of goods purchases. An alternative is a per unit tax, with is a tax specified as a percentage of the physical quantity of a good.

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APLS

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Today, you are likely to spend a great deal of time at a flea market looking to buy either a T-shirt commemorating next Thursday or a birthday gift for your uncle. Be on the lookout for deranged pelicans.
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The portrait on the quarter is a more accurate likeness of George Washington than that on the dollar bill.
"Success is more a function of consistent common sense than it is of genius. "

-- An Wang, industrialist

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