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Employers will bear the full burden of the payroll tax if labor supply is (Points : 1)
perfectly inelastic.
perfectly elastic.
backward bending.
upward sloping.
2. Any point on the utility possibilities frontier is ________ . (Points : 1)
inefficient because both people could be made better off simultaneously
inefficient because it is only possible to make one person better off by making the other person worse off
efficient because it is only possible to make one person better off by making the other person worse off
efficient because both people could be made better off simultaneously
3. If the government wishes to encourage firms to internalize externalities, they should ________ activities resulting in negative externalities and ________ activities resulting in positive externalities (Points : 1)
tax; subsidize
subsidize; tax
ban; generate
place an injunction against; tax
4. The measure or value upon which a tax is levied is the (Points : 1)
tax base.
tax rate.
tax structure.
tax incidence.
5. The total amount of tax you pay divided by your total income is the (Points : 1)
marginal tax rate.
average tax rate.
total tax rate.
proportional tax rate.
6. Marginal damage cost is the (Points : 1)
additional harm done by increasing the level of an externality-producing activity by one unit.
additional cost to society resulting from a privately owned firm producing one more unit of a product.
amount a consumer pays to produce an additional unit of a good.
additional cost to society resulting from a consumer consuming one more unit of a good.
7. The best measurement of individual well-being is (Points : 1)
wealth.
income.
occupation.
utility.
8. Economic income is (Points : 1)
the amount of money a household can spend during a given time period without increasing or decreasing its net assets.
income from the ownership of real property and financial holdings.
differences in wages that result from differences in working conditions.
payments by government to people who do not currently supply goods or services in exchange.
9. The ________ tax rate is the tax rate paid on any additional income earned. (Points : 1)
average
total
marginal
proportional
10. Excess burden is the (Points : 1)
ultimate distribution of a tax.
shifting of the tax from one burden to another.
amount by which the burden of a tax exceeds the total revenue collected.
differential impact the tax has on high-and low-income groups.