Transfer payments tend to ________ when overall economic growth is ________.
A. fall; low
B. rise; high
C. rise; low
D. rise; either high or low
Answer: C
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We can describe who bears the burden of a tax by using the concept of:
A. marginal burden. B. incidence. C. payee. D. marginal tax rate.
Use the following formula to answer the indicated question: Welfare benefit = Maximum benefit - 0.7 [Wages - (Work expenses + Child care costs)] Suppose Ramirez works 1,800 hours per year at a wage of $7 per hour, has no child care expenses, and has work expenses of $600. If the state maximum welfare benefit is $13,000 per year, based on the welfare formula given, Ramirez's welfare benefit will be
A. $4,600. B. $1,000. C. Zero because his income has exceeded the limit. D. $400.
Refer to Scenario 10.4. Given the information above, what are the profit maximizing number of tickets sold and the price of tickets?
A) 0, $60 B) 20,000, $50 C) 40,000, $40 D) 60,000, $30 E) 80,000, $20
Sales taxes are routinely collected by
A) the merchants selling the good or services. B) the Internal Revenue Service. C) the Department of Commerce. D) the Federal Trade Commission.