1. Go to the Department of Finance Website (www.fin.gc.ca) and find and download the Fiscal Reference Tables for 2019. Use the Fiscal Reference Tables to answer the following questions. (10 marks) a....

Question 1
a)
1. gross federal debt and net federal debt
2) the federal gross and net debt to GDP ratios
2)
Personal tax revenue increases over the period of time, other taxes and duties decrease over the time and total tax revenue shows an increasing trend.
Q2
Every year, a family in Thunder Bay with plenty of free time decorates their house with a lavish a
ay of Christmas decorations. The family claims that by keeping the show up, it is benefiting the public. As a result, the highways in their neighborhood became congested. Neighbors of the family argue that the roads become impassable at times, making them virtual inmates in their houses. This situation leads to the problem of tragedy of commons. The tragedy of the commons is an economic dilemma in which every person has an opportunity to use a resource, but at the detriment of every other individual and there is no way to prevent others from doing so. This can be addressed by imposing timing for visiting the display. Restriction on visiting hours will reduce the problem of neighbors by reducing the road congestion expects for that particular hour.
Q3.
The transition from public to private administration is so dramatic that it would result in a slew of major changes, including increased productivity and quality of remaining government operations, lower taxation, and reduced government size. They conclude that in the functions that are privatized, the profit-seeking actions of modern, private sector administrators would inevitably contribute to cost reduction and a stronger emphasis on consumer loyalty. Sometimes privatization of road construction leads to monopoly power for private owners, so it is better to be with government organization.
Q4
Theory of taxation and labor supply:
To begin, it is critical to recognize that traditional economic theory does not forecast how labor supply can respond to income taxes. A tax rate rise, according to pure logic, could cause a reasonable individual to work less, more, or the same. The model takes into account an individual who must share a unit of time per day between paying work and the various non-paid activities that economists historically refer to as leisure. Labour supply is determined by a balancing act between after-tax wages and recreation analysts assume that employers desire more of both but cannot get more of either. As taxes rise, after tax income falls, which all things being equal, tilts the balance toward more recreation and less jobs. However, not everyone is fair. The tax increase reduces after-tax revenue, which may cause the worker to fall into a separate spectrum of the income-leisure trade off. When a worker's income falls, he or she can place a higher value on income (as opposed to leisure). In
ief, two factors are at work, all of which are well known to economic students the income and replacement effects. It is up to the person to decide which way the mix fits well for them. Labor supply increases with taxes for certain desires, although it declines for others. Other preferences result in more dynamic net wage-labor-supply a
angements.
Phillips and Meghir (2008) The inference is that men's work hours are relatively inelastic, while women's work hours are relatively elastic. For ma
ied women and single mothers, it is a bit more sensitive. Participation, on the other hand, is highly vulnerable to taxes and women's benefits. Based on the various changes implemented in the United Kingdom during the last two decades, They propose new forecasts for a discrete participation model for both ma
ied and single persons. They also discover that low-education men are much more receptive to rewards than commonly believed. For men with a high level of education, attendance is...