A head tax applied to each person in the United States would
A. always be proportional.
B. not significantly distort incentives to work.
C. generally be a progressive tax.
D. likely have significant shifting of tax incidence.
Answer: B
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If the actual price were below the equilibrium price in the market for bread, a:
A) surplus would develop that cannot be eliminated over time. B) shortage would develop, which market forces would eliminate over time. C) surplus would develop, which market forces would eliminate over time. D) shortage would develop, which market forces would tend to exacerbate.
Other things the same, when the price level falls, interest rates
a. rise, which means consumers will want to spend more on homebuilding. b. rise, which means consumers will want to spend less on homebuilding. c. fall, which means consumers will want to spend more on homebuilding. d. fall, which means consumers will want to spend less on homebuilding.
Which of the following statements is true?
A. If the calculated value of F statistic is higher than the critical value, we reject the alternative hypothesis in favor of the null hypothesis. B. The F statistic is always nonnegative as SSRr is never smaller than SSRur. C. Degrees of freedom of a restricted model is always less than the degrees of freedom of an unrestricted model. D. The F statistic is more flexible than the t statistic to test a hypothesis with a single restriction.
When quantity demanded is greater than quantity supplied,
A. there is a shortage. B. price will rise until it gets back to equilibrium. C. quantity supplied will rise and quantity demanded will fall. D. all of the answers are true.