Microeconomics Exam Chapter 19,20,23

A tax system in which tax rates fall as incomes rise is

A graphic illustration of the cumulative size distribution of income is known as the

According to Hernando de Soto, poor countries should focus their development policies on all of the following except

Assume the marginal tax rate is 10 percent for the first $30,000 of income, 15 percent for income between $30,000 and $70,000, and 20 percent for any income over $70,000. If Emily has taxable income equal to $80,000 for the year, what is her tax bill?

Exemptions and deductions included in the tax laws

Figure 33.2 illustrates Lorenz curves for four different economies. For which economy would the lowest 20 percent of families receive the smallest share of total income?

Figure 33.3 illustrate Lorenz curves for four different economies. Which economy will have a Gini coefficient of zero?

If a tax system has no deductions, exemptions, or other loopholes, then the effective tax rate will be

If a women are not allowed to vote or inherit wealth bet men are, this is an example of

If the Gini coefficient is greater for Zambia than for the Netherlands, we can conclude that the

If the marginal tax rate is too high, it can cause all of the following except

In Figure 33.1, suppose that the Gini coefficient for Omega is 0.55. The Gini coefficient for Alpha must be

Personal Income

Poverty is most likely to decrease when

Public housing is an example of

Suppose a taxpayer has an income of $50,000 and a taxable income of $45,000, and pays $5,000 in taxes. If the taxpayer talks of being taxed at a 10 percent tax rate, she is referring to the

Suppose a taxpayer has an income of $90,000 and a taxable income of $75,000, and pays $7,500 in taxes. If the taxpayer says he is taxed at a 10 percent tax rate, he is referring to the

Suppose Mr. Lee has total income of $120,000, has taxable income of $90,000, and pays $30,000 in taxes. Considering the information, what is Mr. Lee's nominal tax rate?

Suppose Ms. Sanchez has a total income of $200,000, has a taxable income of $120,000, and pays $40,000 in taxes. Considering the information, what is Ms. Sanchez's effective tax rate?

Taxes paid divided by total income is the

The imposition of a payroll tax

The taxation principle that says people with higher incomes should pay more in taxes than those with lower incomes is called

The two general approaches to reducing global poverty include the redistribution of incomes and economic growth

The US inflation adjusted poverty threshold in 2014 was set at $35,000 per year for a family of four

The US tax system as a whole is basically

Which of the following programs is the largest federal income transfer program

Which of the following is true about income inequality

Which of the following is true about a payroll tax?

Which of the following countries meets or exceeds the UN Millennium Aid Goal of 0.7% of donor country GDP

In which of the following would the richest tenth of the population be most likely to receive the highest percentage of the country's income

Which of the following is least likely to reduce poverty

Which of the following does not contribute to an institutional structure that promotes economic growth

According to Rostow's five stages of development, which of the following is characteristic of stage 1

Institutional barriers that impede human and physical capital investment are known as

According to the World View titled "Jeffery Sachs: Big Money, Big Plans," how does Columbia University economics professor Jeffrey Sachs expect global poverty rates to be reduced by half by 2015

According to the World Bank, nearly 3 billion people are classified as being in __________ poverty

Well-established property rights and a pro-business climate are a step in the right direction, but ultimately they do little to encourage economic growth

For poor countries, a lack of capital and poorly developed infrastructure contribute to low farm productivity

Which of the following contributes to an institutional structure that promotes economic growth

T/F

T/F

T/F

T/F

T/F

What is not included in America's poverty count

Which of the following is not part of Hernando de Soto's The Other Path

An increase in output or real GDP is

Which of the following is not and example of microfinance

A limit on the quantity of a good that may be imported in a given time period is

If all developed countries were willing to meet the UN Millennium Aid Goal for foreign aid, this would eliminate global poverty

Which of the following is a critical key to reducing poverty in the poorest nations

In order to increase productivity and economic growth, poor nations need

An annual income of less than $29,000 is

Which of the following countries meets or exceeds the UN's Millennium Aid Goal of 0.7% of donor country GDP

Use the following formulate to answer the indicated question: Benefit amount = Max award - 0.6(wages in excess of ceiling) Raynoo is retired and earns $15,000 per year working part-time. She is entitled to a max social security retirement benefit of $14,000. Social Security regulations allow her to earn $9,000 and still get max benefits. Raynoo's total income, including social security benefits is

Jarrett is retired and earns $10,000 per year working part-time. He is entitled to a max social security retirement benefit of $14,000. Social Security regulations allow him to earn $8,000 and still get max benefits. Jarrett's total income, including social security benefits is

Refer to Figure 34.4. If an individual does not work, she or he will receive welfare benefits of

An assistance program that guarantees a minimum income, regardless of the family's earned income, has a

The impact of a decrease I the marginal tax rate on labor supply will be larger as the tax elasticity of supply gets smaller

Which of the following student aid program is likely to have the highest target efficiency

Which of the following is not an example of in-kind income

Lucy is retired and earns $12,000 per year working part-time. She is entitled to a max social security retirement benefit of $14,000. Social Security regulations allow her to earn $9,000 and still get max benefits. Lucy's total income, including social security is

The breakeven level of income is

which of the following is an example of an in-kind transfer

Almost every US household receives some form of income transfer payments

The percentage of the working-age population that is working or seeking work is the

The social security program is an income transfer program for retired workers only

Suppose a poverty program provides a basic benefit of $6,000, zero deductions, and a marginal tax rate of 0.6. The breakeven level of income is

Medicaid provides cash to the poor so that they may purchase medicine and doctors' services

Use the following formula to answer the indicated question: Welfare benefit = Maximum Benefit - 0.4 [Wages-(work expenses+ child care costs)] based on the information given the marginal tax rate is

Higher breakeven levels of income can be achieved by decreasing

the social security program tends to

social security is a welfare program

social insurance programs

transfer payments include all of the following except

the official poverty index is based on

the poverty gap is the

a transfer program that uses means testing to identify who is eligible for benefits is know as

Refer to figure 34.3. If a welfare recipient did not work, he or she would relieve welfare benefits of

Suppose a poverty program has a basic benefit of $8,000 , and a family can earn up to $16,000 before losing all welfare benefits. The marginal tax rate is ______ percent

The social security payments received by retired persons are an in-kind transfer payment

The existence of income transfer programs can

Government attempts to create a more equitable income distribution by increasing marginal tax rates my do all of the following except

In-kind benefits are a way of correcting

A flat tax

In the article "Obama Pitches Tax Hike on the Rich" all of the following are true except

Wealth is measured as

If an individual is taxed at 17% rate for each extra dollar earned, the reference is to the

With a flat tax,

A person can have a great deal of wealth but have very little income

A tax that is designed to be progressive will improve

Government failure

Assume the marginal tax rate is 10% for the first $30,000 of income, 15% for income between $30,000 and $70,000, and 20% for any income over $70,000. If Emily has taxable income equal to $80,000 for the year, what is her tax bill

If the area between the diagonal line of absolute equality and the Lorenz curve is greater for China than for the US, we can conclude that the

The size distribution of income

The Bush tax cuts of 2001-2010 contained incentives for

Refer to the labor market in figure 33.5. Suppose the go ernment imposes a payroll tax on employers. How much of the tax burden is passed on to workers

Suppose Ms. Sanchez has a total income of $200,000, has a taxable income of $120,000, and pays $40,000 in taxes. Considering the information, what is Ms. Sanchez effective tax rate

Flat tax critics

If the tax elasticity of supply is 0.6 and tax rates increased by 10%, the quantity of labor supplied will

Income is measured as

Tax elasticity of supply equal to 0.21 indicates that

Refer to the labor market in Figure 33.5. Suppose that the government imposes a payroll tax on employers in this market. How much of the tax burden will the employers actually pay

Since the current tax system is fairly ineffective at redistributing income, some people think thais indicates

High-income families pay a significantly greater percentage of their income in taxes compared to low-income families

The argument for greater equality of income distribution in the US hinges on the idea that low-income earners would be more willing and able participants in the economy if income were distributed more equally

An economy with nominal tax rates significantly higher than effective tax rates has

Loopeholes, exemptions, and deductions cause an erosion of the tax base

Assume that the marginal tax rate is 10% for the first $10,000 of income, 20% for income between $10,000 and $40,000, and 30% for any income over $40,000. If Jerome has taxable income equal to $60,000 for the year, what is his tax bill