Which is true?
A. The federal personal income tax is a regressive tax.
B. The poor are hurt more than the rich by progressive taxes.
C. The most important source of federal tax revenue is the payroll tax.
D. Until 1981 the maximum marginal tax rate on the federal income tax was 70 percent.
D. Until 1981 the maximum marginal tax rate on the federal income tax was 70 percent.
You might also like to view...
Frictional unemployment may be economically beneficial if:
A. losses in economic output are small. B. its psychological costs are borne only by the unemployed worker. C. the social costs are limited to smaller tax revenues collected. D. it leads to a better match between worker and job.
A political system that promotes the free and open exchange of ideas:
A. will not have well-defined property rights. B. slows the development of new technologies and products. C. is detrimental to economic growth. D. increases average labor productivity.
The decrease in the price of gasoline to a national average of less than $2.5 during the summer of 2020 was most likely a result of
A. an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving. B. an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output. C. an increase in demand due to reduced summer driving. D. an increase in supply resulting from higher refinery output.
Marginal cost is equal to the
A) change in total cost divided by the change in output. B) change in average total costs divided by the change in output. C) change in total product divided by the change in output. D) change in average product divided by the change in output.