A person's tax liability refers to
a. the percentage of income that a person must pay in taxes.
b. the amount of tax a person owes to the government.
c. the amount of tax the government is required to refund to each person.
d. deductions that can be legally subtracted from a person's income each year.
b
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Bill's Lawn service starts the year with 20 lawn mowers. During the year, 3 mowers break and are not worth fixing. Bill also expands his business and buys 10 more mowers. Bill's capital at the end of the year is ________ mowers
A) 10 B) 30 C) 27 D) 33 E) 20
The demand for the product of a monopolistically competitive firm is highly elastic when
A) firms collude. B) there are fewer firms in the industry. C) there is a lot of product differentiation. D) there are a lot of close substitutes.
An example of "cream skimming" is when:
a. a firm charges the same price to all consumers, even though costs for some are higher b. a firm offers a reduced price to the best-paying customers of their competitors c. a firm offers a reduction in price on a package sale of two items d. none of these
Assume that the federal government wishes to counteract inflation with a policy that has the smallest impact on the federal budget. Which of the following would you recommend?
A. Increase transfer payments. B. Increase government purchases. C. Decrease government purchases. D. Decrease transfer payments. E. Increase personal income taxes.