Which statement is true?
A. Most federal government revenue comes from the personal income tax.
B. The federal personal income tax puts a greater burden on the poor and middle class.
C. The United States is among the most highly taxed industrial countries.
D. None of these statements are true.
A. Most federal government revenue comes from the personal income tax.
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A rightward shift in the demand curve for a product will ordinarily result from
A. a decrease in the advertising budget. B. a decrease in the price of a competing product. C. an increase in consumer income. D. an increase in the price of a complementary good.
Inflation
A) is a continuing decline in the general level of prices of goods and services. B) implies that the number of people unemployed has risen. C) reduces the purchasing power of the dollar. D) is an increase in the price of a single good or service.
The marginal tax rate can be calculated by which of the following formulas?
A) the change in taxes due divided by the change in taxable income B) the change in taxable income divided by the change in taxes due C) total taxes due divided by total taxable income D) total taxable income divided by total taxes due
If firms in a monopolistically competitive industry experience short-run losses
A. firms increase prices further, until they make at least a normal return. B. some firms exit the industry, causing the demand curves for the remaining firms to shift to the right until they earn a normal profit. C. some firms would like to exit the industry but find they cannot. D. firms increase advertising spending to increase demand, until they make at least a normal return.