ECO 450 Week 9 Quiz

Question 1

A tax on interest income:

Answer

Question 2

Which of the following is true about comprehensive income?

Answer

Question 3

If the market supply curve of savings is upward sloping, a tax on interest income will:

Answer

Question 4

2 out of 2 points

Most empirical research indicates that the market supply curve of labor hours by prime-age males is:

Answer

Question 5

2 out of 2 points

The Haig-Simons definition of income:

Answer

Question 6

Using a regular labor supply curve instead of a compensated supply curve to calculate the excess burden of a tax on labor income will:

Answer

Question 7

If the return to savings, r, is subject to taxation at rate t, then in equilibrium a saver’s marginal rate of time preference will equal:

Answer

Question 8

The compensated labor supply curve:

Answer

Question 9

A flat-rate tax on labor income will:

Answer

Question 10

Comprehensive income:

Answer

Question 11

2 out of 2 points

Income from labor services (wages) account for what percentage of gross income in the U.S.?

Answer

Question 12

2 out of 2 points

Comprehensive income:

Answer

Question 13

2 out of 2 points

If the supply of labor is perfectly inelastic, then the incidence of a payroll tax levied entirely on employers will be:

Answer

Question 14

The higher the compensated elasticity of supply of savings,

Answer

Question 15

Which of the following will increase a person’s comprehensive income?

Answer

Question 16

A taxpayer is in a 33-percent tax bracket and itemizes deductions. He obtains a mortgage from a bank at 9-percent interest. The actual rate of interest he pays is:

Answer

Question 17

2 out of 2 points

Tax preferences:

Answer

Question 18

If the excess burden from tax is $10 million, lowering marginal tax rates should make the excess burden:

Answer

Question 19

Tax expenditures are:

Answer

Question 20

2 out of 2 points

Adjusted gross income, as defined by the United States Tax Code,

Answer

Question 21

2 out of 2 points

“Bracket creep” is no longer a problem in the United States because:

Answer

Question 22

2 out of 2 points

The excess burden of tax preferences:

Answer

Question 23

Which of the following is true for the federal income tax in the United States?

Answer

Question 24

Removing savings from the tax base of the personal income tax is likely to:

Answer

Question 25

Because of the Earned Income Tax Credit, the effective tax rate for the lowest-income taxpayers in the United States is:

Answer

Question 26

Currently, the tax treatment of capital gains in the United States is such that:

Answer

Question 27

The reduction in marginal tax rates will:

Answer

Question 28

2 out of 2 points

As of 2009, the highest marginal tax rate is:

Answer

Question 29

The exclusion of interest of state and local bonds from taxation by the federal government:

Answer

Question 30

Under the federal personal income tax rules prevailing as of 2009,

Answer

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ECO 450 Week 9 Quiz
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