How much of all income tax is paid by the top 10 percent of earners?
a. one-third
b. two-thirds
c. one-fourth
d. one-half
b
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Gross public debt is
A) the total value of budget deficits plus budget surpluses over the past five years. B) an excess of government spending over government revenues during a given time period. C) a situation in which the government's spending is exactly equal to the total taxes and other revenues it collects during a given time period. D) all federal government debt irrespective of who owns it.
When you accumulate more money,
A) the interest rate you are paid on your currency increases. B) the opportunity cost of holding money decreases. C) your marginal tax rate falls. D) the marginal benefit of holding money decreases. E) you earn a lower rate of interest on your checkable deposit.
Which of the following is the definition of wealth?
a. Real disposable income b. The total value of assets c. Real income d. The value of liabilities minus the value of assets e. The value of assets minus the value of outstanding liabilities
Which of the following is not correct?
a. In a labor market, the wage adjusts to balance the supply and demand for labor. b. A profit-maximizing firm hires workers so long as the wage rate exceeds the value of the marginal product of labor. c. Any event that changes the supply or demand for labor must change the equilibrium wage. d. Any event that changes the supply or demand for labor must change the value of the marginal product.