Legal attempts to arrange one's financial decisions so as to pay the least tax possible are known as
a. tax evasion
b. logrolling
c. tax avoidance
d. rent seeking
e. underreporting
C
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Discouraged workers are
A) those who have given up looking for work, even though they would like to be employed. B) those who quit working because they are dissatisfied with their jobs. C) those unmotivated workers who bring down a country's productivity. D) those who would like to find a second job to supplement their income, but have not yet found one.
If the labor market worked efficiently, then an effective minimum wage law would:
A. cause unemployment. B. hold wages higher than the equilibrium price. C. help those who were employed at that price. D. All of these statements are true.
The interest rate at which banks borrow excess reserves from each other is known as the
a. prime rate. b. federal funds rate. c. discount rate. d. T-bill rate.
Social Security payroll taxes are
A. proportional with a rate of 7.65 percent. B. indirect taxes. C. progressive because total taxes increase with income. D. regressive because the tax is not applied after reaching an income threshold.