The income tax acts as a wedge driven between the value a worker creates and her highest possible
A. inheritance.
B. mortgage loan.
C. capital gain.
D. take-home pay.
Answer: D
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Marginal cost is equal to
A) the total cost of a firm's production. B) total cost minus fixed cost. C) a cost that is not related to the quantity produced. D) the change in total cost that results from a one-unit increase in output. E) the change in fixed cost that results from a one-unit increase in output.
The minimum wage laws seek to
A) penalize employers that are not complying with labor laws. B) assure a minimum standard of payment for work. C) assure that all workers are paid the same wage rate. D) help teenagers find work.
Monopolists always earn positive short-run economic profit
a. True b. False
Identify the scenario that will cause the supply curve to shift to the left
a. Producer expects now that the price will be lower later b. Price decreases for a substitute in production c. Input price increases d. Increase in number of suppliers