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Economics questions

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Question;152.Most;labor economists believe that the supply of labor is;a.;less elastic;than the demand and, therefore, firms bear most of the burden of the payroll;tax.;b.;less elastic;than the demand and, therefore, workers bear most of the burden of the;payroll tax.;c.;more elastic;than the demand and, therefore, workers bear most of the burden of the;payroll tax.;d.;more elastic;than the demand and, therefore, firms bear most of the burden of the payroll;tax.;153.Lawmakers;designed the burden of the FICA payroll tax to be split evenly between workers;and firms. Labor economists believe that;a.;lawmakers may;have actually achieved their goal, since statistics show that the tax burden;is currently equally divided.;b.;the tax;raises too little revenue for the government and so it should be eliminated.;c.;firms bear;most of the burden of the tax.;d.;workers bear;most of the burden of the tax.;154.In;1990, Congress passed a new luxury tax on items such as yachts, private;airplanes, furs, jewelry, and expensive cars.;The goal of the tax was to;a.;raise revenue;from the wealthy.;b.;prevent;wealthy people from buying luxuries.;c.;force;producers of luxury goods to reduce employment.;d.;limit exports;of luxury goods to other countries.;155.Which;of the following was not a result of the luxury tax imposed by Congress;in 1990?;a.;The larger;part of the tax burden fell on sellers.;b.;A larger part;of the tax burden fell on the middle class than on the rich.;c.;Even the;wealthy demanded fewer luxury goods.;d.;The tax was;never repealed or even modified.;156.The;burden of a luxury tax falls;a.;more on the;rich than on the middle class.;b.;more on the;poor than on the rich.;c.;more on the;middle class than on the rich.;d.;equally on;the rich, the middle class, and the poor.

 

Paper#58000 | Written in 18-Jul-2015

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