Federal tax loopholes in personal income tax provide benefits only to very high-income people.
Answer the following statement true (T) or false (F)
False
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Firms that engage in first-degree price discrimination charge different prices to customers ________.
A. depending on the quantity of the good or service they buy B. depending on a defining characteristic that makes it easy to distinguish groups of people C. based on the elasticity of the group of people D. based on their willingness and ability to pay for the good or service
Consider two resource markets in which the demand curves slope downward. In market A, the supply curve is horizontal, equilibrium price is $6, and 100 units of the resource are hired. In market B, the supply curve is vertical, equilibrium price is $20, and 30 units of the resource are hired. Which of the following is true?
a. All of the resource earnings in market A are economic rent. b. All of the resource earnings in both markets are economic rent. c. All of the resource earnings in market B are economic rent. d. None of the resource earnings in either market is an opportunity cost. e. None of the resource earnings in either market is economic rent.
Long-term contracts are LESS likely when:
A. specialized investments are important. B. hold-up is likely. C. workers are paid based on piece rates. D. the exchange environment is complex.
Fiscal policy is determined by
A) the Federal Reserve. B) the president and the Federal Reserve. C) Congress and the Federal Reserve. D) Congress and the president.