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Unit Paper

Unit Paper

Q Instructions Please submit a three to four page paper, double spaced with proper APA citations answering the following: Since taxes distort market outcomes and efficiencies, should the government legalize currently illegal drugs which have very inelastic demand and heavily tax them to generate revenue? Please upload a PDF document into the system for submission. NOTE: This paper should have a minimum of three citations. Please review the grading rubric to learn how the grade for the paper will be calculated. Unit 2 Paper Rubric Students are encouraged to use the library resources to research their papers. The CPCC Library has created the following guide to research for economics students: Library Research Guide (https://researchguides.cpcc.edu/eco251-252) Recognizing and Avoiding Plagiarism Citation Tutorial: https://researchguides.cpcc.edu/citations • This tutorial will help you understand How Citations Work to give credit for sources and avoid plagiarism.

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Taxes are the main source of government revenues. Through taxes, Government maintains its expenditure. A country whose revenues are more than the expenditures have a budget surplus, which is used in the country's infrastructure and other development projects. These projects help in economic development. But if we see the real-world figures, we come to know that the USA, the strongest economy in the world, has faced a budget deficit for decades. The reason is that a budget deficit is not harmful to the economy, even if it is better and helps in economic growth (Emana,2021). Although taxes are beneficial for the Government but high taxes reduce the people purchasing power. When people's purchasing power is less, it affects the country's productivity level. Because when aggregate demand is low,