Use the following to answer questions: 
-(Table: Taxes, Spending, and Income) Look at the table Taxes, Spending, and Income. Suppose Governor Meridias decides to initiate a state tax of 5% on all sales. This tax will be:
Definitions:
Economic Theory
A set of principles and methodologies that explain how economies operate, exploring the production, distribution, and consumption of goods and services.
Economic Thinking
The process of analyzing problems with an emphasis on the allocation of scarce resources, and the trade-offs and opportunity costs involved in decision-making.
Red Automobiles
Vehicles painted in a red hue, often chosen for their bold appearance and potential resale value implications.
Government Tax
A government tax is a mandatory contribution imposed by the government on individuals, corporations, and transactions to raise revenue for public projects and services.
Q33: Eli has annual earnings of $100,000 and
Q66: Which of the following is NOT a
Q99: An urbanized country has 100 million workers
Q107: If personal income up to and including
Q115: Japan must give up the production of
Q130: A politician says that a tax on
Q131: In a single year, Argentina can raise
Q161: (Scenario: The Market for Good X) Look
Q164: Suppose price elasticity of demand is relatively
Q228: According to the _ principle, those who