Recall the Application about the relationship between tax rates and tax revenues which was proposed by Yu Juo, one of the twelve wise men who succeeded Confucius in ancient China, to answer the following question(s).
-Recall the Application. The idea regarding the relationship between tax rates and tax revenues proposed by Yu Juo is very similar to the idea proposed by economist

Question

Quizplus · Accepted Answer

The idea proposed by Yu Juo about the relationship between tax rates and tax revenues is known as the "Laffer Curve," which was later popularized by economist Arthur Laffer in the 1980s. The Laffer Curve shows that as tax rates increase, tax revenues initially increase, but at a certain point, further increases in tax rates actually lead to a decrease in tax revenues. This is because high tax rates can disincentivize work and investment, leading to a decrease in economic activity and ultimately a decrease in tax revenues. Therefore, the best choice is B, Arthur Laffer.

Recall the Application About the Relationship Between Tax Rates and Tax