The issue of fairness in taxes is a very controversial one. Compare and contrast both the ability-to-pay principle with that of the benefits received principle
What will be an ideal response?
There is much disagreement over what constitutes a fair tax system. One theory contends that people should bear tax burdens in proportion to the benefits that they receive from government expenditures. This is the benefits-received principle. Another theory contends that people should bear tax burdens in line with their ability to pay. This ability-to-pay principle has dominated U.S. tax policy.
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When demand is inelastic,
A) price and revenue move in opposite directions. B) price and revenue are not related. C) price and quantity demanded move in opposite directions. D) price and revenue move in the same direction.
Refer to Figure 6-8. Identify the two goods which are complements
A) Good X and Good Y B) Good X and Good Z C) Good Y and Good Z D) It is not possible to distinguish any relationship among the goods.
Refer to the above figure. Which diagram shows the effect on the market of Corn Flakes when the demand for Corn Flakes has increased?
A) graph C B) graph D C) neither graph D) both graphs
The Contract Labor Law, which was passed in 1864 and repealed in 1868,
a. authorized labor contracts made abroad between American companies and foreign workers. b. resulted in a large increase in European immigration to the U.S. c. was supported by American wage earners. d. authorized workers to strike and engage in collective bargaining.