Which of the following was not a result of the luxury tax imposed by Congress in 1990?
a. The larger part of the tax burden fell on sellers.
b. A larger part of the tax burden fell on the middle class than on the rich.
c. Even the wealthy demanded fewer luxury goods.
d. The tax was never repealed or even modified.
d
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To draw the consumption possibilities curve for a particular nation you need to know the output of the good for which the nation has a comparative advantage and the terms of trade
Indicate whether the statement is true or false
________ is concerned with the distribution of resources across society
A) Social surplus B) Equity C) Efficiency D) Utility
During most of the 1980s, 1990s, and 2000s the U.S. has had a ________ current account balance and a ________ capital and financial account balance
A) positive; positive B) positive; negative C) negative; positive D) negative; negative
If the purpose of a tax is to raise revenue, it would be best for government to place the tax on which of the following goods?
a. a non-essential good, such as holiday travel b. a good whose demand curve is highly elastic c. a good that has several close substitutes d. a good whose demand curve is highly inelastic e. a good whose demand curve is unit elastic