The highest fifth of all families receive approximately ____ of the distribution of annual money income among families
a. 5 percent
b. 10 percent
c. 25 percent
d. 50 percent
d
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A flat tax plan with a standard deduction of $25,000 in income and a tax rate of 20% would require an individual earning $100,000 to pay $15,000 in income taxes
a. True b. False Indicate whether the statement is true or false
Actual experiments show that negative income taxes destroy work incentives.
Answer the following statement true (T) or false (F)
The Board of Governors is made up of experts in:
A. finance and banking. B. public policy C. fiscal policy. D. accounting standards.
Because of the law of diminishing marginal utility, total utility of consuming any good or service
a. increases at a decreasing rate as we consume more of any good or service. b. decreases as we consume more of any good or service. c. stays the same. d. none of the above