Which of the following reduce the incentive for households to save?
a. both means-testing of government benefits and inheritance taxes
b. means-testing of government benefits but not inheritance taxes
c. inheritance taxes, but not means-testing of government benefits
d. neither means-testing of government benefits nor inheritance taxes
a
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The general form of the production function used in Chapter 10 is
A) Y = A + F(K, N). B) Y = A - F(K, N). C) Y = AF(K, N). D) Y = A/F(K, N).
In the short-run, a supply shock will lead to
A) movement of prices and output in the same direction. B) movement of prices and output in opposite directions. C) a sustained inflation. D) a movement in prices, but not output.
If an individual consumer is willing to pay $11 for one unit of a good but is able to purchase it for $7, then his or her consumer surplus from the purchase of that unit would be:
A. $4. B. $7. C. $11. D. $18.
If actual inflation is correctly expected and built into people's wage and price-setting decisions, the Phillips curve:
A. remains a downward sloping line. B. becomes a vertical line. C. becomes an upward sloping line. D. becomes a horizontal line.