question
The largest source of revenue for the federal government is the
answer
individual income tax
question
Which of the following statements is not correct?
answer
All states have state income taxes, but the percentages vary widely.
question
The U.S. federal government collects taxes in a number of ways. Rank the following sources of revenue from
largest to the smallest.
largest to the smallest.
answer
corporate income taxes, social security taxes, personal income taxes, import taxes
question
Rate these taxes as sources of revenue to the federal government from most to least important.
answer
individual income taxes, social insurance taxes, corporate income taxes
question
Most people agree that the tax system
answer
should be both efficient and equitable.
question
Which of the following is a characteristic of a more efficient tax system?
answer
a. The system minimizes deadweight loss.
b. The system raises the same amount of revenue at a lower cost.
c. The system minimizes administrative burdens.
d. All of the above are correct.
b. The system raises the same amount of revenue at a lower cost.
c. The system minimizes administrative burdens.
d. All of the above are correct.
question
One tax system is less efficient than another if it
answer
raises the same amount of revenue at a higher cost to taxpayers.
question
In the absence of taxes, Janet would prefer to purchase a large sport utility vehicle (SUV). The government
has recently decided to place a $10,000 nuisance tax on SUVs. If Janet decides to purchase a small economy
car as a result of the tax, which of the following statements is correct?
has recently decided to place a $10,000 nuisance tax on SUVs. If Janet decides to purchase a small economy
car as a result of the tax, which of the following statements is correct?
answer
Janet is worse off, and her loss of welfare is part of the deadweight loss of the tax.
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
