After subtracting all deductions and exemptions from total income, you are left with
A. the tax base.
B. marginal income.
C. standardized income.
D. taxable income.
Answer: D
You might also like to view...
The optimum tariff is
A) the best tariff a country can obtain via a WTO negotiated round of compromises. B) the tariff, which maximizes the terms of trade gains. C) the tariff, which maximizes the difference between terms of trade gains and terms of trade loses. D) not practical for a small country due to the likelihood of retaliation. E) not practical for a large country due to the likelihood of retaliation.
Which of the following describes a situation in which demand must be inelastic?
a. The price of pens rises by 10 cents, and quantity of pens demanded falls by 50. b. The price of pens rises by 10 cents, and total revenue rises. c. A 20 percent increase in the price of pens leads to a 20 percent decrease in the quantity of pens demanded. d. Total revenue does not change when the price of pens rises. e. Total revenue decreases when the price of pens rises.
The effects of a quota include:
A) decreasing consumers' surplus. B) increasing total revenue for the importers who sell the allowed number of imported units. C) increasing producers' surplus. D) b and c E) a, b, and c
In the long run, monetary policy has a lasting impact only on
What will be an ideal response?