The tax which is most difficult to shift to others would be the:
A. Personal income tax
B. Corporate income tax
C. Specific excise taxes
D. Business property taxes
A. Personal income tax
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The average tax rate faced by an individual is the ________
A) total tax paid by her divided by the total income earned B) total revenue received by the government divided by the number of taxpayers C) percentage of the last dollar earned that a household pays as a tax D) difference between the highest tax rate and the lowest tax rate
Refer to Figure 2-5. If the economy is currently producing at point Y, what is the opportunity cost of moving to point W?
A) 2 million tons of steel B) 16 million tons of paper C) zero D) 9 million tons of paper
An example of a U.S. import would be:
A. a French bottle of wine consumed by an American. B. an Apple computer, made in the U.S., purchased by a U.S. college student who plans to study abroad in France. C. a bushel of apples that Canadians pick and enjoy during a lovely fall day in Vermont. D. an Apple computer, made in the U.S., purchased by a French student.
Most labor economists believe that the supply of labor is
a. less elastic than the demand, and, therefore, firms bear most of the burden of the payroll tax. b. less elastic than the demand, and, therefore, workers bear most of the burden of the payroll tax. c. more elastic than the demand, and, therefore, workers bear most of the burden of the payroll tax. d. more elastic than the demand, and, therefore, firms bear most of the burden of the payroll tax.