Answer the following statement(s) true (T) or false (F)
1. The excess burden of the corporate income tax stems from a misallocation of investment between the corporate and noncorporate sectors when the supply of savings is perfectly inelastic.
2. When the supply of savings is not perfectly inelastic, the corporate income tax can be shifted to workers.
3. In the long run the corporate income tax has no effect on the price of products produced by corporations.
4. The corporate income tax in the United States is levied on the sum of economic and normal profits.
5. The corporate income tax is levied only on retained earnings with dividends paid out exempt from taxation.
1. True
2. True
3. False
4. True
5. False
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a. author b. action c. actor d. receiver
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Indicate whether the statement is true or false