Which of the following are currently provisions of the U.S. tax system and discourage saving?
a. some forms of capital income are taxed twice
b. if they are large enough, bequests are taxed
c. both a and b
d. neither a nor b
c
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Wage differentials between individuals may be partly explained by: a. differences in education
b. differences in productivity. c. discrimination. d. all of the above.
Consumer surplus is
a. the difference between the price of the good and the cost to produce the good. b, the sum of what consumers are willing to pay and the price of the good. c. the difference between what consumers are willing to pay and the price of the good. d. the difference between the cost to produce the good and the amount consumers are willing to pay for the good.
Public choice economists believe that if governments support special interest groups, they ______.
a. create chances for people to benefit through economic cooperation b. provide more opportunities for everyone c. make it look like people benefit most at the expense of everyone else d. create a false image that sharing resources can be beneficial to the economy
The chairman of the Federal Reserve System:
A. is approved by the House of Representatives and the Senate. B. is independent of the Board of Governors, to maintain objectivity. C. serves a four-year term. D. All of these are true.