The definition of income in the U.S. tax code follows the Haig-Simons definition of income precisely
a. True b. False
b
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Since the mid-1980s tariff rates in most nations have risen
Indicate whether the statement is true or false
A survey of earnings contains an unusually high fraction of individuals who state their weekly earnings in 100s, such as 300, 400, 500, etc. This is an example of
A) errors-in-variables bias. B) sample selection bias. C) simultaneous causality bias. D) companies that typically bargain with workers in 100s of dollars.
Under a laissez-faire system,
A. government organizes production and distribution of goods. B. a small bureaucracy of central planners tells firms what to produce and how to produce it. C. costs of production and consumers’ demands determine the output mix. D. firms try to produce the goods that they think are good for consumers.
The yield on a tax-exempt bond:
A. is called the risk-free yield. B. is equal to the yield on a U.S. 30-year bond. C. equals the taxable bond yield times one minus the tax rate. D. only applies to foreign bonds because they are exempt from U.S. income taxes.