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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