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170.Approximately 50,000 luxury boats (priced $100,000 or more) are currently produced each year. Using the economic way of thinking, how much revenue would the government actually generate with a $10,000 excise tax on luxury boats?a.$500 millionb.less than $500 millionc.more than $500 milliond.approximately $5 billionANS:BPTS:1DIF:ModerateNAT:BUSPROG: AnalyticSTA:DISC: Supply and demandTOP:Tax Rates, Tax Revenues, and the Laffer Curve
KEY:Bloom's: Application171.The tax rate that maximizes the revenue generated by a tax172.When the top marginal tax rates were lowered substantially during the 1980s, the inflation-adjusted income tax revenue collected from the top 1 percent of all income earners173.Data from the effects of the substantial tax rate reductions in the 1980s174.When the government increased its involvement in rescue efforts on Mount McKinley (the tallest peak in North America), the number of mountain climbing deathsa.decreased slightly.b.decreased substantially.c.remained the same.d.increased.ANS:DPTS:1DIF:ModerateNAT:BUSPROG: AnalyticSTA:DISC: Supply and demandTOP:Tax Rates, Tax Revenues, and the Laffer CurveKEY:Bloom's: Comprehension