A congress member concerned about ensuring vertical equity in taxation would be most likely to argue for obtaining government revenue through a
A. progressive tax on personal income.
B. regressive tax on corporate income.
C. sales tax.
D. head tax.
Answer: A
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If most people expect the inflation rate will increase, the:
A. short-run aggregate supply curve would shift to the left. B. aggregate demand curve would shift right. C. long-run aggregate supply curve would shift right. D. short-run aggregate supply curve would shift to the right.
We have an inflationary gap when
A. equilibrium GDP is greater than full employment GDP. B. full employment GDP is greater than equilibrium GDP. C. equilibrium GDP is equal to full employment GDP. D. None of the choices are correct.
Suppose Canada can produce either 300 tons of paper or 200 HDTVs, and India can produce either 200 tons of paper or 100 HDTVs. The terms of trade between the two countries will lie between
A. 1/2 and 2/3 of an HDTV per ton of paper. B. 1/2 and 1 HDTV per ton of paper. C. 1/3 and 2/3 of an HDTV per ton of paper. D. 1/3 and 1/2 of an HDTV per ton of paper.
If in 2016, a woman made $50,000 on the job, $20,000 from a consulting business she operated, and $25,000 in dividends on stock she owned, she would owe old-age Social Security taxes on
A. $50,000. B. $87,000. C. $70,000. D. $95,000.