A 5 percent tax is going to be applied to a $100,000 tax base. What can be said about the revenue collected assuming static tax analysis?
A) The total revenue will be zero.
B) The total revenue will be between $0 and $5,000.
C) The total revenue will be $5,000.
D) There is not enough information to determine what revenues will equal.
C
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In the United States, measured wealth is distributed more unequally than income
Indicate whether the statement is true or false
A measure of monopoly power used by the government is the
A) percentage share of the relevant market or market share test. B) profit of the firm compared to other firms in the industry. C) price charged by the firm for goods and services. D) percentage difference between price and marginal cost.
Productive efficiency implies that
A) all consumers' wants are satisfied. B) no advance in technology will occur in the future. C) the attainable region is greater than the unattainable region. D) gains are impossible in one area without losses in another. E) all of the above
In the early 2000s, there was a strong black market for Chinese yuan. It is widely held that the Chinese yuan is undervalued. Based on this information, we know that China:
A. has flexible exchange rates. B. does not allow complete convertibility of its currency. C. has partially flexible exchange rates. D. has fixed but convertible exchange rates.